2023-12-20 23:32:59
As food prices continue to break records, the year has been particularly profitable for Metro management. The company’s top five executives shared $15.5 million in 2023, a compensation increase of more than 20% from last year.
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Of the total, $3.7 million was paid to them as performance bonuses, approximately the same amount as in 2022. This year they represent approximately 23% of their overall compensation.
This data can be found in the proxy solicitation circular sent to its shareholders in preparation for the annual meeting scheduled for January 30. Metro’s fiscal year ended September 30, 2023, with net profits of more than $1 billion on sales of $20.7 billion.
$6.1 million to the president
This increase in executive compensation is explained “by the promotion of two senior executives” […]“the transition of leadership” from another, and by “a realignment of the president’s compensation”, justified the company.
Unsurprisingly, the highest compensation went to Metro President and CEO Eric La Flèche, in office since 2018. The latter saw his compensation reach $6.1 million, an increase of 14% or some $750,000 compared to his 2022 compensation ($5.36 million).
The highest paid executive after the president is Marc Giroux, executive vice president and chief operating officer – food. The latter received total compensation of $3.09 million, an increase of 55.7% compared to his compensation for the previous year ($1.97 million).
A salary bond of 92.7%
The prize for the highest increase goes to the president of Metro’s pharmacy division, Jean-Michel Coutu, one of the grandsons of none other than the businessman Jean Coutu, founder of Jean Coutu Pharmacies. His total compensation amounted to $1,895,539 in 2023, an increase of 92.75% over the previous year.
Jean-Michel Coutu, president of the pharmacy division of the grocer Metro. Foundation of the Montreal Women’s Center
Metro explains this jump in Mr. Coutu’s remuneration by his appointment to the position of president of the group. He was most recently senior vice president and chief network operating officer of Metro’s pharmacy division.
Between 2019 and 2023, the compensation of Metro’s top executives increased from $13.4 million to $15.5 million, an increase of 15.9%. However, during this same period, the company argues, its share price rose from $57.91 to $70.54, a growth of 21.8%.
On Wednesday, Metro shares closed at $66.35 on the Toronto Stock Exchange. Over the past year, the grocer’s share value has fallen by $10.13, or 13.25%.
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