Air Canada boss Michael Rousseau earned $12.4 million in 2022, nearly four times more than the previous year.
The jump is mainly due to the end of restrictions on the compensation of the company’s senior executives, imposed by Ottawa in 2021 in connection with significant financial assistance granted to the Montreal airline.
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“Compensation for 2022 reflects Air Canada’s return to its usual market-based practices,” the company said in a statement released Thursday.
Mr. Rousseau’s base salary was $1.3 million, compared to $500,000 in 2021. He received the equivalent of $3.9 million in stock and $3.9 million in options. purchase of shares, $2.28 million in performance bonuses and $1 million under his pension plan.
By 2021, Michael Rousseau had earned $3.7 million in all, including $2.7 million from his pension plan, which was within the $1 million limit set by the federal government.
Other top-earning executives at Air Canada last year were Chief Financial Officer Amos Kazzaz ($3.1 million), Chief Operating Officer Craig Landry ($2.9 million), Chief Financial Officer commercial, Lucie Guillemette ($2.7 million) and the head of human resources, Arielle Meloul-Wechsler ($2 million).
Total of $23.2M
Together, the five highest-paid bosses earned $23.2 million in 2022, up from $8.3 million in 2021.
In 2022, Air Canada recorded an operating loss of $187 million compared to $3.1 billion the previous year. Revenue jumped over $10 billion to $16.6 billion.
The information circular published Thursday in view of the annual meeting of shareholders of Air Canada also specifies that among the 13 candidates for directorships of the company, 38% are women and 15% are fluent in French. .