The new boss of the Société des alcools du Québec (SAQ), Jacques Farcy, will receive a salary of $ 528,215, without taking into account performance bonuses.
The information was published on Wednesday in a decree from the Legault government. The decree specifies that Mr. Farcy’s variable compensation cannot exceed 15% of his base compensation. That’s a maximum of just over $79,000.
The government is also opening the door to the establishment of a long-term incentive plan. It will be up to the board of directors to determine the parameters, but it will have to be approved by the government.
Before making the jump to the SAQ, Mr. Farcy headed the Quebec Cannabis Society (SQDC) for the past two years. During his tenure at the SQDC, Mr. Farcy contributed to the implementation of 90-minute delivery in several regions of the province, and prepared the next strategic plan for the Crown corporation.
Mr. Farcy improves his lot by moving to another Crown corporation. At the SQDC, he received a total compensation of $359,603. Unlike other government corporations such as the SAQ or Investissement Québec, the SQDC does not have a long-term incentive plan or annual bonuses.
The salary of the new boss of the SAQ will also be 13.5% higher than that of his predecessor, Catherine Dagenais, who earned a salary of $465,375 for the 2022-2023 fiscal year. Ms. Dagenais’ total compensation was $572,330.
Ms. Dagenais had been at the helm of the Crown corporation since 2018, and is now retiring. She worked for the SAQ for 23 years.
Mr. Farcy has already worked for the SAQ between 2015 and 2021. He notably held positions as vice-president of marketing and sales network operations. He also holds an Executive MBA from HEC Montréal-McGill University, as well as a diploma from the Institut commercial de Nancy, France.