Canadians slam Loblaw CEO Per Bank after discovering he was paid $22 million in 2023
Per Bank, Loblaw Companies Ltd.’s new CEO, received a whopping $22.1 million in 2023, and Canadians have plenty to say about it.
Galen Weston stepped down from his role as president of the corporation effective November 1, 2023, and Bank assumed the role of president and chief executive officer with a $1.315 million base salary package.
According to a report released on Monday by Loblaw, Bank has since received $438,333 in salary, $6.6 million in share-based awards, $803,535 in option-based awards, $910,660 in cash bonus and about $13.3 million in other forms of compensation. That adds up to a total of $22,137,979 in compensation during Bank’s first few months on the job.
Bank brings with him three decades of experience in retail. He was the CEO of Salling Group A/S, the largest retailer in Denmark that owns 1,700 multi-banner supermarkets across three countries.
Some brands under Salling Group A/S include Bilka, FĆøtex, and discount supermarket Netto.
mikecphoto/Shutterstock
A Loblaw representative confirmed that part of the compensation that Bank received was the money he forfeited by leaving the company.
“This is a common practice for senior executives reflecting their unique circumstances when joining another organization,” they stated in an email to Daily Hive.
“In Mr. Bankās situation, the payment of the RSU and cash awards relate to make-whole payments for compensation he forfeited; risk he assumed in leaving an organization he led for many years; and, the Boardās view of arrangements necessary to entice a global executive of Mr. Bankās experience and stature to lead the organization and leave his previous employer.”
Loblaw’s food prices have prompted shoppers to create a Subreddit called “Loblaws is out of Control” to highlight the grocery chain’s “out of control” prices. When the company discontinued its 50% discount on nearly expired items, consumers decided to take action, which led to thousands of Canadians planning to boycott Loblaw stores.
So it’s no surprise that news of Bank’s hefty $22.1 million compensation has received criticism from fed-up Canadians.
Comment
byu/aavenger54 from discussion
inloblawsisoutofcontrol
itās embarrassing and shameful that this isnāt an April Fools joke
ā zupa grochowa (@Grochowa2) April 1, 2024
Corporate greed and entitlement. This is the face of inflation.#boycottloblaws #EatTheRich
ā į“į“É“É“Ź į“į“į“į“Źs į“ į“sÉŖɢɓ īØ (@mannypdesign) April 2, 2024
Well, he did come up with the ingenious plan to increasing profits by raising the price of things people need to survive….
CEOs, man….sooooo smart.
ā Adam (@ackwhacker) April 1, 2024
Gouging people on the necessities is hard work, apparently
ā kentonagbone (@kentonagbone) April 1, 2024
Well, I mean, hey, yāknow, letās face it, he definitely needs the money ācos, like, honestly, just look at the price of groceries these daysā¦
ā Paul Mason (@TempusDrums) April 1, 2024
“Why is my grocery bill so high???” #Roblaws #BoycottLoblaws
ā Jason Cook (@JaysFan1978) April 2, 2024
And meanwhile, they price gouge and cut jobs
ā Heather šØš¦ š¼š (@hbardell1) April 2, 2024
What are your thoughts? Let us know in the comments.
With files from Isabelle Docto and Simran Singh
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