Departing Rogers CEO Entitled to $18.5 Million Retirement Package
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]