Latest news with #CEOcompensation
Globe and Mail
15 hours ago
- Business
- Globe and Mail
AIMCo interim CEO could earn millions in bonus pay after leadership overhaul
Alberta Investment Management Corp.'s interim chief executive officer could earn a multimillion dollar compensation package after the provincial pension fund manager's senior ranks were overhauled and its former chief investment officer received millions of dollars in severance pay. Ray Gilmour stepped in as interim CEO last November after a career as a senior public servant, following the Alberta government's abrupt purge of AIMCo's board and senior management. Mr. Gilmour was paid $241,869 in less than five months on the job, to March 31, according to AIMCo's annual report released Friday. That included $210,796 in base salary, plus pension contributions and other pay. When prorated for a full fiscal year, Mr. Gilmour could be paid an annual base salary of more than $500,000. Mr. Gilmour is also part of AIMCo's corporate incentive plan, which sets his base target for bonus pay at 355 per cent of his salary, or about $1.78-million, according to a copy of his employment contract obtained by The Globe and Mail under an access to information request. Alberta's purge at AIMCo followed a clash of visions, complaints about leadership However, the agreement says that Mr. Gilmour can earn a maximum of 2.5 times that incentive target, and it has been customary for previous AIMCo CEOs to earn approximately 1.75 times the target payment for good performance. At that level, Mr. Gilmour would earn about $3.1-million in incentive pay, for total compensation of at least $3.6-million. AIMCo's annual report does not list any incentive payments to Mr. Gilmour as of March 31. His base salary is redacted in the documents released to The Globe. 'Our compensation structure is based on market salaries in similar Canadian institutional investment organizations, with executive compensation and associated terms discussed and validated by the Board's independent compensation adviser,' AIMCo spokesperson Sabrina Bhangoo said in an e-mailed statement. Though Mr. Gilmour was appointed as interim CEO, his employment agreement says that AIMCo wishes to employ him 'as Chief Executive Officer,' and does not mention his interim status. AIMCo's annual report shows that the pension fund manager also appears to have paid millions of dollars to former CIO Marlene Puffer as a 'transition agreement payment.' Ms. Puffer left AIMCo in September, roughly six weeks before Alberta's government dismissed other senior leaders. Ms. Puffer was paid $5.91-million in 'other compensation,' which includes the transition payment that would have been agreed to under previous leadership. She also earned more than $250,000 in base salary. 'The separation arrangement disclosed is in keeping with our contractual obligations made by previous leadership. No additional compensation is owing,' AIMCo's statement said. Former CEO Evan Siddall, who was dismissed in November, appears not to have come to terms financially with AIMCo as of March 31. He was paid $1.56-million in total compensation last fiscal year but received no transition arrangement payment during the fiscal year, according to the annual report. In his last full fiscal year as CEO, Mr. Siddall was paid $3.77-million in total compensation, and nearly $4.6-million in total direct compensation, including $585,000 in base salary. The report also says AIMCo paid $957,397 to third parties on behalf of the former CEO, and that $458,312 had not yet been reimbursed as of March 31, 'inclusive of imputed interest.' AIMCo has included that amount in 'accounts receivable.' Stephen Harper, the former prime minister who was appointed chair of AIMCo's board in November, said 'there is more work ahead in our task of restoring confidence and stability in Alberta's investment manager,' in a message in the annual report. 'We are making progress with the new management team on ensuring that sound governance, ambitious objectives, professional operation, and responsible risk management permeate the firm,' Mr. Harper said. In his own message in the annual report, Mr. Gilmour said that in the coming months AIMCo 'will be focused on the continuation of a business transformation program to improve the technology, data and processes that are the foundation of the work we do on behalf of our clients.'
CNA
3 days ago
- Business
- CNA
SIA CEO's annual pay falls nearly 14% to S$7 million despite record profit
SINGAPORE: The chief executive officer of Singapore Airlines (SIA) Goh Choon Phong received an annual salary of S$7.01 million (US$5.47 million) for the latest financial year ended Mar 31, according to the national carrier's annual report released on Wednesday (Jun 25). This marked a 13.5 per cent drop from the S$8.11 million salary package that he took home in the previous year. Mr Goh's annual remuneration for FY2024/25 comprises a base pay of S$1.46 million, bonuses of S$3.12 million, as well as shares and benefits amounting to S$2.44 million. SIA reported a record annual net profit of S$2.78 billion for the financial year, up from S$2.68 billion a year earlier. The airline attributed this to a one-off gain of about S$1.1 billion from the merger of Air India and Vistara. Its operating profit fell 37 per cent from a year earlier to S$1.71 billion, as passenger yields - a proxy for airfares - dropped by 5.5 per cent due to stiff competition as airlines globally added capacity. Nevertheless, SIA rewarded eligible employees with a profit-sharing bonus of 7.45 months. This was slightly below the 7.94 months' worth of profit-sharing bonus it issued in the previous year, the highest in the airline's history. In a letter to shareholders, chairman Peter Seah said the airline had delivered 'another impressive performance' despite a year marked by rising geopolitical tensions, supply chain constraints, inflation and an increasingly uncertain macroeconomic landscape due to a global tariff war. 'While aviation landscape is rapidly evolving, the SIA Group is in a strong position to not only withstand these changes but to shape them,' he wrote in the annual report.
Bloomberg
5 days ago
- Business
- Bloomberg
Nomura CEO's Pay More Than Doubles After Profit Hits a Record
Nomura Holdings Inc. more than doubled Kentaro Okuda's pay last year, rewarding the chief executive officer for guiding Japan's largest brokerage to a record annual profit. Okuda's compensation rose to ¥1.208 billion ($8.2 million) in the year ended March 31 from ¥506 million a year earlier, according to a filing Monday. Christopher Willcox, the firm's highest-paid executive officer, who oversees trading and investment banking, saw his remuneration jump 25% to $15 million.
Yahoo
18-06-2025
- Business
- Yahoo
Median CEO Pay Topped $17.1 Million In 2024, While Median Employee Pay Increased Just 1.7%
The typical compensation package for S&P 500 CEOs rose by nearly 10% in 2024, according to an Associated Press CEO compensation survey. The median pay package for CEOs rose to $17.1 million in 2024, up 9.7% from the previous year. Meanwhile, median compensation for employees at these companies went up just 1.7% to $85,419. Additionally, the S&P 500 rose 23% in 2024, and profits for those companies went up 9%. "2024 was expected to be a strong year, so the (nearly) 10% increases are commensurate with the timing of the pay decisions," Dan Laddin, a partner at Compensation Advisory Partners, told AP. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to Raises for the average employee were "long overdue," according to Institute for Policy Studies Global Economy Project Director Sarah Anderson. Still, many workers in the U.S. struggle to pay their bills, especially lower earners. Top earners in the survey included Axon Enterprises' (NASDAQ:AXON) Rick Smith, who has a pay package valued at $164.5 million, GE Aerospace's (NYSE:GE) Lawrence Culp, Apple's (NASDAQ:APPL) Tim Cook, Carrier Global's (NYSE:CARR) David Gitlin, and Netflix's (NASDAQ:NFLX) Ted Sarandos. The bulk of the pay packages for these top earners consisted of stock or options awards, the survey found. The median stock award went up by 15% in 2024, while base salaries only grew by 4%. Trending: Maximize saving for your retirement and cut down on taxes: . "For CEOs, target long-term incentives consistently increase more each year than salaries or bonuses," Melissa Burek, a partner with Compensation Advisory Partners, told the AP. "Given the significant role that long-term incentives play in executive pay, this trend makes sense." Morningstar Sustainalytic Senior Director of Stewardship Jackie Cook also told the AP that there are benefits to tying CEO pay to performance, but noted that increased use of share-based pay has led to a "phenomenal rise" in CEO compensation "tracking recent years' market performance," which has "widened the pay gap within workplaces." At half the companies included in the survey, it would take the average worker 192 years to make what their CEOs make in one year, according to the AP. This pay ratio tends to be highest in industries where wages are low, like fast food or hospitality. "With CEO pay continuing to climb, we still have an enormous problem with excessive pay gaps," Anderson told the AP. "These huge disparities are not only unfair to lower-level workers who are making significant contributions to company value – they also undercut enterprise effectiveness by lowering employee morale and boosting turnover rates." Read Next: Here's what Americans think you need to be considered Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Median CEO Pay Topped $17.1 Million In 2024, While Median Employee Pay Increased Just 1.7% originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
16-06-2025
- Business
- Yahoo
Warner Bros. Discovery to ‘Significantly Reduce' David Zaslav's Annual Pay After Split
After shareholders rejected David Zaslav's $51.9 million pay package for 2024, Warner Bros. Discovery's says it will 'significantly reduce' CEO David Zaslav's annual compensation following the split of its global linear network and studios & streaming businesses in mid-2026 Per a Monday filing with the U.S. Securities and Exchange Commission, WBD will lower Zaslav's annual cash compensation opportunity and shift the mix in his pay towards long-term incentives. As part of this change, there will no longer be a performance metric weighting that applies to the annual cash incentive opportunity, annual performance equity awards or performance periods for the annual performance equity awards. Zaslav will also receive a one-time inducement designed to 'incentivize the successful completion of the Separation and stockholder value creation.' On June 12, he received a stock option award consisting of 20,898,776 stock options in the form of 60% performance-vesting stock options and 40% time-based stock options. Additionally, he'll receive 3,052,734 stock options on Jan. 2, 2026, which will be subject to the same split of performance-vesting and time-based vesting conditions, provided that he remains employed on that date. 92% of the stock option grant is subject to forfeiture if a separation or a qualifying transaction does not occur prior to Dec. 31, 2026. The compensation committee also adopted a 'double-trigger cash severance' provision for Zaslav in the event of a change in control transaction. 'The Committee believes the changes reflected in the Zaslav Agreement are responsive to stockholder feedback and represent the Board's commitment to furthering the alignment of our compensation structure with our strategic priorities as we execute on our transformation into two leading media companies,' Warner Bros. Discovery said. Upon completion of the separation, Zaslav will become CEO of Streaming & Studios. Under his contract that runs through Dec. 31, 2030, he will receive a $3 million base salary per year and his annual cash bonus opportunity will be reduced to $6 million, with the actual payout based on the achievement of performance goals set by the compensation committee. The annual bonus payout is subject to a cap of 200% of the target amount. Zaslav will also be eligible for annual equity awards with a target value of $15.5 million in the first year and will be reduced to an annual target value of $7.5 million per year thereafter. More to come… The post Warner Bros. Discovery to 'Significantly Reduce' David Zaslav's Annual Pay After Split appeared first on TheWrap.
