Galen Weston took in $8.4 million in total compensation in the 2022 fiscal year in his role at the head of Loblaw Companies Ltd.
Meanwhile, Empire Company Ltd. CEO Michael Medline took in $8.7 million, while Metro Inc. CEO Eric La Fleche earned $5.4 million.
While Weston's Loblaw compensation jumped significantly year over year, a 56 per cent increase compared with smaller increases received by his competitors, he was also promoted to the top leadership role midway through 2021, which means the two years aren't directly comparable. It's difficult to make a true apples-to-apples comparison of the three grocery executives' compensation, said Eddington Ruiz, a senior consultant at Compensation Governance Partners. There are a few reasons for that, chief among them the fact that Weston holds two related but different roles.
Share-based awards are a form of compensation that come as stock options or other equity-based compensation. Ruiz said of the companies on the TSX 60 that have disclosed their compensation plans for the 2023 fiscal year, more than half are not considering notable increases. Among those considering one, Ruiz said Weston's aggregate base salary increase is probably going to be on the higher end. However, he said the full picture won't be apparent until all those companies have released their circulars and a full comparison can be made.
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