The mega\u002Drich grocery giant taking a big raise as Canadians struggle with food prices is utterly tone deaf and politicially dumb.
Shares closed at $125.91 on Wednesday but were trading at $52.10 in November 2018 and had only climbed to the $66 mark by the time he took over. The rebound in share price, the increase in revenue and profits for the company is attributable to Weston and those results form part of his increased pay rate.
Both companies, George Weston and Loblaw, paid Meridian Compensation Partners to review executive pay and in a report to the board, determined that Weston was underpaid compared to peers elsewhere in the industry. Inflation has been stubbornly high for over a year now with food inflation outpacing core inflation. Stats Canada reported that in February, inflation was at 5.2% but food inflation was at 10.6%. More Canadians than ever are using foodbanks to make sure their families are fed.
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