(Montreal) The leader of Canada’s second-largest railway company received a big increase in his compensation after a historic year for the company as it integrated a major acquisition.
Canadian Pacific Kansas City (CPKC) financial filings show that President and CEO Keith Creel’s total compensation increased 38% to $20.1 million last year.
CPKC’s five top executives, including Mr Creel, earned a total of 63.5 million in 2023, compared to less than half that amount the previous year.
The raise received by all senior management came largely from stock-based awards and cash bonuses after Calgary-based Canadian Pacific’s operations merged with Kansas City Southern in April.
At rival Canadian National Railway (CN), total compensation for its six senior executives fell 3% to $29.6 million, mainly due to lower bonuses after the Montreal-based company did not achieve its performance objectives.
CEO Tracy Robinson’s compensation increased 2% to 14.0 million, mainly due to the fact that she joined the CEO role two months into 2022, so she was not paid for a full year.