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28/04/2011
'Government May Struggle' To Find Replacement, Says ESB Chief
The Government may struggle to find a replacement due to a salary cap, says ESB Chief Executive Padraig McManus.
The salary cap for the Chief Executive position currently stands at €250,000, whereas bosses of failed banks are being paid up to €500,000.
Mr McManus, who is stepping down later this year, earned €750,000 in 2009 and this year his salary will come in at between €450,000 and €500,000.
However a new cap means the replacement's salary will not go over €250,000.
Mr McManus said: "I am retiring from the position so it is not an issue for me.
"They are matters for the Department of Finance to discuss with the chairman of ESB.
"What you do have to remember is that it is a very large company, it managed its business very well, it was not responsible for any collapse… It will be difficult in the future to see a chief executive of the ESB paid less than the chief executives of the state-owned banks."
(BMcN/GK)
The salary cap for the Chief Executive position currently stands at €250,000, whereas bosses of failed banks are being paid up to €500,000.
Mr McManus, who is stepping down later this year, earned €750,000 in 2009 and this year his salary will come in at between €450,000 and €500,000.
However a new cap means the replacement's salary will not go over €250,000.
Mr McManus said: "I am retiring from the position so it is not an issue for me.
"They are matters for the Department of Finance to discuss with the chairman of ESB.
"What you do have to remember is that it is a very large company, it managed its business very well, it was not responsible for any collapse… It will be difficult in the future to see a chief executive of the ESB paid less than the chief executives of the state-owned banks."
(BMcN/GK)
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