Croda’s chief executive sees his pay package break £1.4m barrier

Steve Foots, Chief Executive of Croda.

Steve Foots, Chief Executive of Croda.

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THE chief executive of Yorkshire-based natural chemicals company Croda saw his total remuneration break the £1.4m barrier last year.

Last month, the Snaith-based company, which provides ingredients for international beauty firms such as L’Oreal and Estee Lauder, reported a five per cent increase in pre-tax profits for the year to December 31 to £250m.

Croda’s full-year accounts, which have just been published, reveal that chief executive Steve Foots’ salary in 2013 was £535,000, compared with £485,000 in 2012.

His total remuneration, including pension and benefits was £1.43m, compared with £1.36m in 2012.

Group finance director Sean Christie’s salary in 2013 was £360,714, compared with £350,208 the year before. His total benefits were £1.43m, compared with £1.75m the year before. Chief technology officer Keith Layden’s salary was £288,400 compared with £272,670 in 2012.

His total salary and benefits were £652,882, compared with £879,341.

In February, Croda International warned that sterling’s strength will dampen profit growth in emerging markets such as Asia and Latin America this year. Sales last year rose 2.4 per cent to £1.08bn.

The company makes about 36 per cent of its sales from emerging markets. Croda reported weak demand in eastern Europe, the Middle East and Africa. Despite this, Mr Foots said the group saw strong growth in its new products.

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