Air Canada boss's pay tripled in 2022 to $12.4 million
Freed from government assistance restrictions during the pandemic, Air Canada President and CEO Michael Rousseau's compensation more than tripled in 2022.
Rousseau received total compensation of $12.4 million in 2022, compared with $3.7 million in 2021, according to regulatory documents released by the airline.
The increase is largely due to Air Canada's withdrawal from the Large Employer Emergency Credit (LEEC) program. This federal assistance was accompanied by a cap on executive compensation.
"In November 2021, the company cancelled some of its CUGE credit facilities. The compensation for 2022 reflects Air Canada's return to its usual market-based compensation practices," the company explains.
In 2021, the salary of Air Canada's top executive was thus limited to $500,000, compared to his official salary of $1.2 million. His long-term incentive plan was capped at $500,000 rather than $5.6 million.
In addition to his salary of $1.3 million, Rousseau was entitled to $10.1 million in incentive plan, share-based awards and stock options. The value of his pension liability is $1 million.
Total compensation for Air Canada's five most senior executives is $23.1 million, compared to $8.3 million in 2021.
The Human Resources Committee of the Board of Directors believes that Air Canada is on track to recover from the shock of COVID-19 and health restrictions. In 2022, the company recorded an operating loss of $187 million, compared to a $3.1 billion shortfall in the same period last year.
Air Canada says that 15 per cent of its directors are fluent in French. It points out that five of the six members of its executive committee are bilingual and that Mr. Rousseau "has continued to respect his personal commitment to learn French."
The airline will hold its annual meeting on May 12.
This report by The Canadian Press was first published in French on April 10, 2023.
CTVNews.ca Top Stories
Serial sexual offender linked to unsolved 1970s homicides of four Calgary girls, women
An investigation into unsolved historical homicides from the 1970s has linked the deaths of two girls and two young women in and around Calgary to a now-deceased serial offender.
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Toronto eliminated from PWHL playoffs
Toronto has been eliminated from the PWHL playoffs.
Information commissioner faces $700K funding shortfall, says system is 'overwhelmed'
Canada's information commissioner says her office is facing a $700,000 funding shortfall that could impact its ability to investigate complaints about government transparency and accountability.
B.C. man 'attacked suddenly' by adult grizzly near Alberta boundary: RCMP
A B.C. man is recovering from multiple injuries after he was "attacked suddenly" by an adult grizzly bear near Elkford Thursday afternoon.
Backlash over NFL player Harrison Butker's commencement speech has reached a new level
The NFL is distancing itself from controversial comments by Kansas City Chiefs kicker Harrison Butker during a recent commencement address.
Dabney Coleman, actor who specialized in curmudgeons, dies at 92
Dabney Coleman, the mustachioed character actor who specialized in smarmy villains like the chauvinist boss in '9 to 5' and the nasty TV director in 'Tootsie,' has died. He was 92.
Craig Berube named as next head coach of Toronto Maple Leafs
The Toronto Maple Leafs have named Craig Berube as their new head coach.