Rogers CEO Tony Staffieri and other top executives are poised to receive a combined total of $17 million in bonuses, pending the successful closure of the Shaw acquisition and the fulfillment of specific performance targets over two years.
Staffieri took over as Rogers CEO in January 2022 and could earn $8 million in stock options, contingent on meeting undisclosed one- and two-year milestones, as per a disclosure made in a regulatory filing on Friday, reports The Toronto Star.
The filing notes Staffieri earned $31.5 million in 2022, which includes options tied to the closing of Shaw that have not been paid out. This total number also includes a one-time $9.9-million future pension cost, according to Rogers, which is tied to the expense of Staffieri’s pension. This modification was made after he shifted from the role of chief financial officer to CEO and is required by securities regulators when position changes occur.
In comparison, Bell CEO Mirko Bibic received $13.6 million in 2022, according to another filing made on Friday, consisting of a $1.4 million salary and $10.6 million ‘at-risk’ compensation made of bonuses and options based on company performance.
Four other Rogers executives are set to receive stock options tied to one- and two-year targets, amounting to either $2 million or $2.5 million each, notes the filing.
Last year, Rogers executive Dean Prevost, president of integration, accidentally admitted he would receive a $2 million bonus during public hearings at the Competition Tribunal, and the Friday filing confirmed this fact.
Shaw executives may also receive up to $50 million in retention bonuses if they stay with the company until the deal closes.
The Rogers-Shaw deal was announced in March 2021 but still has yet to receive final approval from Canada’s Minister of Innovation, Science and Industry, François-Philippe Champagne. This has resulted in Rogers and Shaw delaying their closing deadline multiple times.
The filings come ahead of the annual Rogers shareholder meeting set for April 26, 2023.
Update: clarified the third paragraph to note the 2022 compensation includes a one-time $9.9 million pension cost.
