The company behind Cuisine de France has failed to restore investor confidence following a loss of contracts in the US and the acquisition of a 49% stake in French frozen food company Picard.

Owen Killian, who has been one of the highest-paid executives in Ireland, received a basic salary of €1.27m in 2016. Despite seeing his total compensation increase 60% last year to reach €2.3m, his performance-related bonus of €877,000 has been withheld, according to the company. It says that it will be paid once there is a resumption of growth in earnings.

The remuneration package comprises basic salary and benefits, pension contributions, performance-related bonus and long-term incentives.

Senior management, which is made up of Owen Killian (CEO), Patrick McEniff (CFO), John Yamin (CEO of the Americas), Pat Morrissey (company secretary) and Hilliard Lombard (until January) saw their total combined remuneration including bonuses increase 63% to €7.7m last year.

The 2016 annual report also disclosed that non-executive board members of Aryzta received a yearly fee of €80,000 with retiring chair Denis Lucey receiving €296,000 last year.

The company recently announced the appointment of Gary McCann, former chief executive of Smurfit Kappa, as its new chair, which was welcomed by markets and investors alike.

All eyes will be on McCann now over the coming months to see what changes he will make at the global bakery company. Investors will ask if the Picard stake is likely to be sold or if plans to buy out the remainder will be abandoned. They will also ask how growth will return to the US business. The other question on investors’ minds will be whether changes are likely to be made in the well-rewarded senior management team.