As food prices continue to break records, the year has been particularly profitable for Metro management. The company’s top five executives shared $15.5 million in 2023, a compensation increase of more than 20% from the previous year.
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Of that, $3.7 million was paid to them in performance bonuses, about the same amount as in 2022. This year, they account for about 23% of their total compensation.
This information can be found in the proxy circular sent to shareholders in preparation for the annual general meeting scheduled for January 30. Metro’s fiscal year ended September 30, 2023, with net income of more than $1 billion on revenue of $20.7 billion.
$6.1 million to the president
This increase in executive compensation is explained “by the promotion of two senior executives.” […]“the change in leadership” from another and through “a realignment of presidential compensation,” the company explained.
Not surprisingly, the highest compensation went to Metro President and CEO Eric La Flèche, who had been in office since 2008. The latter recorded compensation of $6.1 million, an increase of 14% or around $750,000 compared to his 2022 compensation ($5.36 million).
The highest-paid executive after the president is Marc Giroux, executive vice president and chief operating officer – Food. The latter received total compensation of $3.09 million, an increase of 55.7% compared to his compensation last year ($1.97 million).
A salary jump of 92.7%
The award for the highest increase goes to the president of the pharmacy division of Metro, Jean-Michel Coutu, one of the grandsons of none other than the businessman Jean Coutu, the founder of Jean Coutu Pharmacies. His total compensation was $1,895,539 in 2023, representing a year-over-year increase of 92.75%.
Jean-Michel Coutu, president of the pharmacy department of the grocer Metro. Montreal Women’s Center founded
Metro explains this increase in Mr. Coutu’s remuneration with his appointment as Group President. Most recently, he served as senior vice president and chief network operating officer of Metro’s pharmacy division.
Between 2019 and 2023, compensation for Metro’s top executives increased from $13.4 million to $15.5 million, an increase of 15.9%. However, the company’s share price increased from $57.91 to $70.54 during the same period, representing a growth of 21.8%.
On Wednesday, Metro shares closed at $66.35 on the Toronto Stock Exchange. Over the past year, the grocer’s stock value has fallen $10.13, or 13.25%.
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