While regional credit union closures are the talk of the town, we learn that the CEO of Desjardins, Guy Cormier, received total compensation of nearly $4.6 million last year.
• Read also: Accused of scamming a 98-year-old senior by posing as a bank representative
• Read also: The Caisse is preparing major layoffs
• Read also: A fraudster trapped thanks to the vigilance of a 91-year-old senior
In 2023, Guy Cormier earned nearly $1.5 million in salary, $1.7 million in bonuses (annual incentive plan) and $1.4 million in retirement plan, for a total of nearly 4 .6 million dollars.
That’s about $200,000 more than the $4.4 million he made in 2022.
The company’s second highest earner in 2023 is Réal Bellemare, senior executive vice president and chief operating officer. His total compensation reaches $2.6 million, including more than $500,000 in bonuses.
CEO defends his salary
Asked what justified such a salary, which represents $86,000 per week, Guy Cormier recalled that he started as a cashier in Saint-Jean-Sur-Richelieu.
“I made $23,000 a year, so I’m someone who appreciates […] I am very aware that there are people who will look at this salary and who will say to themselves “that’s very high”, but other people will say “OK, he runs the largest financial institution in Quebec , the largest cooperative in North America, 55,000 employees”. Do you have a lot of companies like that?” he said on Radio-Canada.
“We don’t really have the right to make a mistake because one in two Quebecers does business with us, it’s our nest egg,” he added.