According to a proxy filed late Thursday afternoon, it was revealed Rogers CEO Nadir Mohamed will be entitled to a retirement package worth about $18.51 million when he retires from the company in January of 2014. The company announced his retirement on February 14th with a surprise after hours statement. Mohamed noted he would be participating in finding a replacement for the company, which he joined back in 2000.
The Globe and Mail reports the breakdown of the retirement package consists of cash, stock options and restricted share units:
His retirement package includes several components, including $5.54-million in cash; stock options worth $6.15-million; and restricted share units valued at $6.81-million. The document also noted the package’s total reflects a $2.07-million change in pension value due to the CEO’s retirement.
As for his compensation last year, it was $8.2 million, an increase from the $8.18 million from 2011. Rogers is set to hold its annual shareholders meeting in Toronto in the latter half of April. The company says since Mohamed took over as CEO in 2009, he has delivered a shareholder return of 81 percent.
[via The Globe and Mail]
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Unbelievable. This is why occupy movements started, and will continue.
The “occupy movement” is hardly a good reference.
But I do agree this story is unbelievable … Good to see where my SAF is going.
Looks like he is being rewarded for all those fat Rogers profits
Hey, if you “retire” in your 50’s, you need that much to make it till your end of days.
Dear Apple,
Please offer your own communication services in the near future.
upto I saw the bank draft ov $5599, I accept that my mom in–law was like they say realie taking home money in there spare time on their computer.. there moms best friend had bean doing this for under 21 months and just now took care of the mortgage on there condo and bought Chevrolet. I went here, Mel7.com
Rogers customer service took a nose dive under his watch! Good riddens!