Siobhan Talbot has agreed a new three-year deal to remain as Glanbia group managing director.

The deal includes a substantial base salary increase to €1.05m a year, more than 20pc higher than what she received in 2018.

Ms Talbot will now be tasked with leading the company as it seeks to implement a new growth strategy designed to take it to 2022. The company wants to grow its revenues to €6bn by then, from the €2.4bn it posted from continuing operations in 2018.

Glanbia managing director Siobhan Talbot is staying on

That implies that Ms Talbot will have to be active in pursuing acquisitions.

The company’s latest annual report says the board welcomed Ms Talbot signing the deal, citing “the need to successfully integrate current and likely future acquisitions across both our major business units”.

The company’s group finance director, Mark Garvey, has also signed a new three-year deal.

In recent years Glanbia has been shifting away from its roots in the Irish dairy sector towards so-called ‘performance nutrition’ – targeting the continuing healthy living trend.

It has also recently acquired the well-known weight-loss brand Slimfast.