Printing and flexible packaging company Transcontinental paid total compensation worth $14.1 million among its top executives in 2021, up 2% from 2020.
Posted yesterday at 5:11 p.m.
Of this sum, a value of 7.1 million in salary and bonuses was granted to the former President and Chief Executive Officer, François Olivier, for the fiscal year ended October 31.
That is to say, five weeks after the surprise announcement of his retirement at the age of 56, after 28 years at Transcontinental, including 13 as president and chief executive officer.
To this effect, Mr. Olivier obtained a special bonus of 1.5 million in “recognition of important and significant achievements during his 28 years of service”, we read in the management circular sent these days to shareholders. of Transcontinental in preparation for their annual meeting on March 8.
Also, François Olivier’s retirement agreement allows him to complete the obtaining of the 726,000 share units which had been allocated to him as bonuses in previous years, and whose value was estimated at 14.2 million as of October 31 year-end.
At the end of these transactions, which can be carried out by December 15, i.e. 12 months after his effective departure from the presidency of Transcontinental, François Olivier’s total assets in shares and share units could approach 21 million dollars, according to the value estimates mentioned in the management circular.
No additional explanations
Furthermore, Transcontinental’s management circular does not provide additional information to its shareholders that could explain the sudden retirement of François Olivier. They will therefore have to wait until their annual meeting on March 8 before being able to ask questions on this subject.
The Journal of Montreal recently revealed that when he announced his retirement on September 23, François Olivier had already been involved for more than a month in divorce proceedings with his ex-wife, Isabelle Marcoux, president of the board of directors. of Transcontinental.
Mme Marcoux leads a board on which his father, Rémi Marcoux, founder of the company, as well as his sister Nathalie Marcoux and his brother Pierre Marcoux also sit.