Sears Canada Executive Salaries Doubled Last Year, While Thousands lost Jobs
The top five executives at Sears Canada earned about $4.8-million in 2013, compared with about $2.4-million in 2012. During the same period, the company laid off over 2,200 workers.
CEO Douglas Campbell got a 47% pay increase when he was promoted from COO to CEO in September of 2013. His base salary is now $654,000 plus a $238,000 annual bonus. If his employment was to be terminated without just cause, he would get a $3-million ‘golden handshake’, including a $2.2-million bonus.
VP Klaudio Leshnjani got an 85% raise, earning $775,000 in 2013. VP Salim Maherali got an 86%, earning $581,000 in 2013.
Sears Canada’s five-year share price increased 30% while the S&P/TSX index grew by 82% over the same period. At the same time, Sears Canada’s revenues fell 8.2% to about $4 billion during fiscal 2013, while store sales fell about 6.4%. Profits increased more than fourfold, however, to $447 million, mainly due to the company selling-off store leases.
The above information is from a circular released prior to the company’s upcoming April 24th shareholder’s meeting. We’ll report more on this closer to that meeting.