Rogers CEO Sees Compensation Climb Nearly 600% In 2022 To $31.5 Million
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.
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.
READ: Court Rejects Competition Bureau’s Request to Block Rogers-Shaw Merger
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
