Gavin O'Reilly, the chief executive of Independent News & Media, received an 18% boost to his total remuneration package last year to just over €1m (£897,000).
O'Reilly took a 10% pay cut in 2009 during the recession, taking his basic pay to €614,000, and INM agreed that executive pay levels would be frozen in 2010 "in recognition of the ongoing challenging economic circumstances".
However, O'Reilly was promoted to the role of chief executive in May 2009, replacing his father Tony, and the company said that in acknowledgement of the "change in executive responsibility" his basic pay was given a 22% bump last year to €750,000.
In addition he received a €259,000 pension payment and €26,000 in benefits. O'Reilly's total remuneration package last year was €1.04m. No executive directors received bonus payouts.
"Notwithstanding the much improved 2010 financial performance – which was both above budget and the prior year – in the view of the still uncertain economic outlook and given the group's focus on reducing all costs, particularly in the area of the payroll costs, the remuneration committee, in consultation with the chief executive, agreed that there would be no bonus payments payable in respect of the year ended 31 December 2010," the company said.
INM also said that there would be no basic salary increases for 2011.
Total payouts to executive directors were €1,683,000 last year, a fraction of the €5,334,000 paid out in 2009. The 2009 figure was bolstered by a €2.9m payout to Tony O'Reilly, who stepped down as chief executive as part of a deal with dissident shareholder Denis O'Brien to restructure INM.
Last month INM warned advertising revenues will remain flat this year. The company reported increased operating profits for the year ending December 2010, during which it sold its loss-making UK papers the Independent and the Independent on Sunday to Alexander Lebedev.
The Dublin-based group, which owns newspapers in Ireland, South Africa and Australasia, reported operating profits of €87.9m (£76.4m) for the year, an increase of 13.9% year on year.
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