2024-03-19 01:38:07
The CEO and founder of Shopify, Tobi Lütke, received a bonus equivalent to some C$200 million in restricted shares and stock options, revealed the Globe and Mail Monday.
According to the daily, Mr. Lütke received 2.6 million call options worth around US$115 million (C$155 million) and 470,000 restricted shares valued at US$37 million (around US$50 million). $ CAN) in February. This would be one of the largest bonuses ever received by a Canadian business executive.
The leader of the platform offering e-commerce solutions already owns around 8 billion shares of Shopify.
This bonus surprised Christopher Chen, manager of the consulting firm Compensation Governance Partners. “There are questions that arise like why so much and why now. Why, when the share price has fallen so much,” he commented in an interview with the Globe.
According to Mr. Chen, this is a bonus 7.5 times larger for Mr. Lütke than what he received in the last two years.
Shopify had taken advantage of the economic recovery following the pandemic shock of 2020 to quickly grow the value of its stock, which exceeded $200 in 2021, before crashing heavily below $40 in 2022, when the company had laid off 10% of its workforce.
Shopify stock was trading at just under $105 on Monday.
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