Owen Killian, the Irish chief executive of Swiss-based food company Aryzta, has received a total pay packet of €3.9m for 2012, down from just over €7m in 2011.

The company's annual report, published this morning, reveals Mr. Killian was paid a basic salary of 1.3m Swiss francs (€1.1m). 

He received a bonus payment of €750,000 and an award of 2.2m Swiss francs (€1.8m) under Aryzta's long term incentive plan.

Aryzta was formed through the merger of Irish company IAWS and Swiss group Hiestand.

It is one of the largest producers of baked goods and artisan breads in Europe and among its brands are the popular Cuisine De France range of bread and pastries.

The company's shares have more than doubled in value over the past three years driving bonus payments for Mr Killian and the other members of the company's executive team. 

Since the merger of IAWS and Hiestand in 2008 Aryzta's revenue has grown from €2.7m to €4.2m and earnings - before deductions for interest, tax and depreciation - have doubled to €444m.