The role of chief executive officer of Rogers Communications (TSX: RCI.b) appears to come with a perk or two when it comes to compensation.
The telecommunications firm this evening filed its management information circular for 2022, outlining just how much executives made – and its a doozy. In particular, Tony Staffieri, whom was appointed permanent CEO and President on January 11, 2022, made significant gains as far as compensation is concerned.
Staffieri’s increase in compensation amounted to a cool 588%, which was in conjunction with him accepting the role of permanent CEO. Earning just $4.6 million in 2021, a period during which he served as chief financial officer before resigning from the company amid a battle for control of the board before ultimately returning in the interim CEO role, to say the increase was substantial is perhaps an understatement.
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All told, Tony’s compensation amounted to $31.5 million once the value of equity awards and pension additions are figured into the equation, as well as his base salary of $1.4 million. The figure equates to monthly compensation of roughly $2.6 million for all of 2022.
To be fair to poor Tony, that compensation includes some special one-time awards, like an $8.0 million performance stock option grant, which is contingent on certain milestones related to the Shaw acquisition being met. It also includes a “one-time pension adjustment of approx. $9,900,000.” The annual value of that pension is figured at $700,000.
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For comparison, Joe Natale, the former President and CEO of Rogers, made $11.2 million in compensation in 2020, the last full year he spent at the firm. In 2021, the year of his exit, he made $27.4 million, which included severance that he received in conjunction with his departure from the company.
Rogers Communications Class B shares last traded at $62.76 on the TSX.
Information for this story was found via Sedar and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
