Summary:
Rogers CEO Tony Staffieri made a whopping $31.52 million in compensation for 2022, overtaking Telus CEO Darren Entwistle to become Canada’s highest-paid telecommunications chief — reports The Globe and Mail.
In comparison, Entwistle’s total compensation for the year was $17.49 million. With more than two decades on the job, Darren Entwistle is the longest-serving chief among Canada’s Big Three telecom giants. Bell CEO Mirko Bibic, who rounds out the trifecta of Big Three CEOs, received $13.59 million last year.
The heads of Canada’s smaller telecoms make less, but they still manage to rake in millions. Quebecor CEO Pierre Karl Péladeau made $3.13 million in 2022, while Cogego paid CEO Philippe Jetté $5.24 million.
Staffieri’s compensation for 2022 ballooned due to one-time perks from his appointment as CEO in January and Rogers’ recently-completed acquisition of Shaw Communications. His promotion from CFO to CEO, along with the accompanying increase in annual pay, led to Rogers estimating $9.9 million in additional future lifetime pension cost.
Securities regulators require companies to report estimated changes in executives’ future pension income each year, and the $9.9 million was part of Staffieri’s reported annual compensation of $31.52 million.
The rest of Staffieri’s remuneration for 2022 comprised $10.70 million in salary, bonus, and stock awards. Rogers said it achieved undisclosed revenue goals and profit targets last year, and “advanced significantly across meaningful performance metrics relative to its key competitors.” As a result, Staffieri received a $1.83 million annual bonus — almost 33% higher than his target.
Staffieri’s also received another stock-option award, valued at $8 million, that he will be able to collect if Rogers meets certain undisclosed milestones on the first and second anniversaries of the Shaw takeover.
According to Rogers, Staffieri’s enormous paycheck for 2022 was a one-off. The company has set his normal annual compensation at around $10.5 million, so it looks like Entwistle could retake his crown this year.
