The president and CEO of Loblaw Companies Ltd. got a hefty pay bump last year as many Canadians struggled to deal with soaring grocery prices.
Galen Weston’s pay increased by $1.2 million in 2022, according to a report from the Globe and Mail. This bring’s Weston’s total compensation to just under $12 million.
In an email statement to Daily Hive, Loblaw said “This is not a unique pat on the back, nor a reflection of a moment in time.”
“Loblaw’s compensation review for senior executives is a standard and routine process undertaken every two years, and overseen by the company’s board of directors. The process is designed to make sure Loblaw’s compensation is competitive and in line with other retail companies, which it is,” the email reads.
“Likewise, our bonus program is established to reward company and personal performance, and it is not unique to executives. This year 40,000 Loblaw colleagues received a bonus.”
The pay increase comes after Weston’s roles as CEO and chairman of the board were combined last year.
“Recognizing Mr. Weston’s unique position as chairman and president of Loblaw and chairman and chief executive officer of Weston, and to further reflect the complexity of managing these multiple roles, Mr. Weston received a base salary increase,” George Weston Ltd.’s 2022 Management Proxy Circular says.
Weston receives 30% of his pay from George Weston Ltd. and the other 70% from Loblaw Companies Ltd. As of May 2022, the value of Weston’s holdings in the companies totalled more than $12 billion.
Loblaw added Weston’s salary is based on his oversight of Loblaw and parent company, George Weston Limited — which includes Choice Properties operations.
“His Loblaw compensation is … in line with other grocery executives. The increase from 2021 to 2022 reflects the fact that in 2021 he transitioned back to Loblaw full-time mid-year,” the email statement reads.
Loblaw Comapnies Ltd. will release its next update on earnings on May 3.
With files from Daily Hive’s Nikitha Martins