Thirty-two million dollars in salaries and bonuses, up 52% ​​year-on-year. It is the amount of compensation granted by Loblaw to its executives in 2022, during a fiscal year marked by high food price inflation, which propelled revenues and profits to record levels.
Loblaw Chairman and CEO Galen G. Weston, a member of the wealthy family that controls the company, was paid $8.4 million in salary and stock bonuses alone. , options and financial incentives.
This total compensation is 55%, or $3 million, higher than the comparable amount from the previous year.
As for number two, Robert Sawyer, who is chief operating officer, his total compensation value is $9.35 million, up 25% year-on-year.
In addition, it is the chief financial officer, Richard Dufresne, who is awarded the prize for the largest increase in compensation value in 2022.
Recognized at 5.47 million in the management circular, this value is three times higher than that recorded a year earlier. However, much of this increase is due to changes in the “carryover” of Mr. Dufresne’s compensation between Loblaw and its controlling firm, Weston, established by the family of the same name.
This information on the total compensation of Loblaw executives is taken from the management circular of the Canadian supermarket giant (Provigo and Maxi in Quebec) and pharmacies (Pharmaprix in Quebec).
This circular is one of the key preparatory documents for Loblaw’s upcoming annual meeting of shareholders, which will be held on Thursday, May 4 in virtual mode only for the fourth year in a row.
Moreover, this shareholders’ meeting will take place two months after the appearance of the leaders of the three largest food retailers in Canada, Loblaw, Empire (IGA, Sobeys) and Metro (Super C, Adonis, Jean Coutu), before the Standing Committee of agrifood in the House of Commons.
These hearings had been convened to discuss the causes and effects of the particularly high inflation – at more than 11% in January – in the price of food for two years.
In its 2022 year-end results, Loblaw reported total revenue up 6% to $56.5 billion.
Of these record revenues, Loblaw posted operating income up 13% to $3.34 billion, as well as net earnings per share (diluted) up 5.5% to $5.75.
Meanwhile, despite a tough year on the stock market, Loblaw shareholders enjoyed a total return (price dividend) of 17% from the beginning to the end of its fiscal year to December 31, 2022.
– 32 million in salaries and bonuses among five senior executives (52% over one year) – 9.35 million for the chief operating officer, Robert Sawyer (25%) – 8.4 million for the chairman of the board and chief Management, Galen G. Weston (55%)
– 13.1 million in salaries and bonuses among five senior executives (4% over one year) – 5.36 million for the president and CEO, Eric R. La Flèche (6.8%) – 2.02 million for Executive Vice President, Head of Ontario Division and National Supply Chain, Carmine Fortino (5%)
– 20.4 million in salaries and bonuses among six senior executives (11.6% over one year) – 8.65 million for the president and CEO, Michael Medline (15%) – 3.67 million for the vice -Executive President and Chief Operating Officer, Pierre St-Laurent (46%)