The pay package of Tate & Lyle chief executive officer Javed Ahmed has halved following the company’s fall in annual profits and sales.

Ahmed received a total pay package, including incentives and pension contributions, of £2.73m for the year to 31 March 2014, down 49% from the £5.37m he received in 2013. In 2012, Ahmed’s remuneration package was worth £11.2m.

Much of the drop was down to the value of shares awarded to Ahmed falling, from £4.14m in 2013 to £1.71m this year. His bonus stood at 2.8% of his base salary of £721,000.

Outgoing chief financial officer Tim Lodge, replaced this week by PepsiCo’s Nick Hampton, saw his total remuneration drop to £1.43m from £2.56m during the same period. He received a bonus of 1.9% on a base salary of £406,000.

The figures were revealed in Tate & Lyle’s annual report, published this week.

In May, the company reported a 2% drop in full-year profits, to £349m, due to pressure on sucralose pricing and weaker demand in the US following the unusually cold winter there. Sales fell 3% to £3.15bn for the year to 31 March.