Encana’s $100-million man presided over a 58-per-cent cut in share price
The tenure of Doug Suttles as chief executive officer of the Company Formerly Known as Encana can be summed up in many ways, but I suggest two numbers.
It may not be the most colossal mismatch between executive compensation and company performance in Canadian history, but it’s a contender. And the most amazing thing is that the design of the company’s pay plans means Mr. Suttles, now 61, may ultimately make even more money from Ovintiv as he settles into his retirement years, raising cattle in rural Colorado.
A review of the Encana/Ovintiv proxies covering 2013 through 2021 shows total compensation for Mr. Suttles of US$104.4-million, an average of just over US$13-million a year. Over that period, he made US$8.5-million in salary and US$15.7-million in cash bonuses. The bulk of his pay was stock-based awards valued at US$59.8-million and stock options valued at a hair under US$17-million.
In addition, the first performance-share award Encana gave Mr. Suttles expired in 2016 with zero payout, a truly unusual event in Canadian compensation. Companies usually find a way to throw some valuable crumbs at executives, regardless of performance. A review of Mr. Suttles’s share-based compensation shows that he has received cash payments of US$31.3-million, and the remaining stock awards he held at his departure would be worth more than US$67-million at current prices. Combined, that’s nearly US$100-million all on its own – a lot higher than the original estimated values of US$59.8-million.
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