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While his compensation was lower in 2024, Loblaw CEO Per Bank’s pay easily exceeds the $8-million Loblaw paid Galen Weston for his CEO work in 2022 and 2023. Christian Als/The Globe and Mail Loblaw Companies Ltd. L-T chief executive officer Per Bank made $11.
63-million in 2024, a drop in pay after his first year on the job, when he received special signing bonuses to join the grocer. Mr. Bank received a one-time $18-million award in 2023 to replace compensation he forfeited by resigning from his former employer.
His total pay that year was $22.14-million. While his compensation was lower in 2024, Mr.
Bank’s pay easily exceeds the $8-million Loblaw paid Galen Weston for his CEO work in 2022 and 2023. Mr. Weston left Loblaw’s executive ranks in 2023 and now receives $750,000 a year as Loblaw chairman.
Mr. Weston remains the CEO of Loblaw parent George Weston Ltd., for which he receives additional compensation.
His reduced duties meant his 2024 pay fell to $6.91-million from $11.76-million in 2023.
Loblaw has received close scrutiny for its compensation since the pandemic, when grocers and their executives were accused of benefiting during a period of high inflation. Since the end of 2019, Loblaw stock is up 231 per cent, according to S&P Global Market Intelligence. Its EBITDA, or earnings before interest, taxes, depreciation and amortization, has increased more than 8 per cent annually over the past five years, S&P says.
The value of the Weston family’s stake in George Weston – which owns 158 million Loblaw shares – is about $18.8-billion, an increase of nearly $11-billion since the end of 2019. George Weston has paid the family more than $1-billion in dividends during that time, The Globe and Mail calculates using data from S&P.
Mr. Bank’s 2024 compensation includes share awards valued at $4.82-million and stock options valued at $2.
41-million. He received $1.32-million in salary and a bonus of $2.
17-million. Loblaw paid him more than $900,000 in additional compensation, including housing rental reimbursement of $360,000 and tax equalization payments. Loblaw said it missed the goals it set in its compensation plan for sales and earnings but beat its goals for profit margins and customer satisfaction.
The bonus formula suggested paying out the short-term incentive at 93.6 per cent of targets, but Loblaw said its board’s governance committee decided to raise the payout for corporate performance to 100 per cent. This was done, Loblaw said in its shareholder proxy circular, to achieve a 2024 payout “that better reflected the overall financial performance of Loblaw in line with the financial plan.
” Chief financial officer Richard Dufresne made $4.73-million in 2024, including a bonus of just over $1-million. Three other executives whose pay is disclosed made between $3-million and $3.
5-million. (Companies typically disclose pay for five top executives.).
