As of May 4, when the company’s share price closed at $17.63 on the Toronto Stock Exchange, the total compensation of its president and chief executive officer was estimated at $5.8 million. Air Canada’s shares closed at $16.76 on Monday.
Remuneration of top executives and board members were included in a proxy circular sent to Air Canada shareholders prior to its virtual meeting scheduled for June 25.Rovinescu, 64, was entitled last year to a base salary of $1.4 million. The value of his share-based awards fell to $1.89 million from $3.55 million, and $3.5 million in options were worthless due to a big drop in the share price. His bonus was also cut by more than half, to $1.6 million from $3.
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globebusiness Ahhhh poor thing!
globebusiness Poor fella. We should set up a GoFundMe drive for him and his fam.
globebusiness Awe...gov’t protected airline CEO makes $5.8 million by gouging Canadians while providing crappy service. cdnpoli
globebusiness Half to 5.8 Million? Ya, that’s gotta hurt! What a joke. How many times has Air Canada gone bankrupt? And we tax payers bail them out, like Bombardier
globebusiness How will he feed his family
globebusiness If they are using CEWS isn't exec compensation supposed to be capped at $1 Million? cdnpoli
globebusiness Oh how terrible for him AirCanada
globebusiness He can always lay himself off and collect CERB.
globebusiness I'm glad I bought tickets prior to the pandemic that I could not use, but that Air Canada refuses to refund, so he can get by on this cut in income.
globebusiness And then he’ll go ask JustinTrudeau for a bailout. 😖. cdnpoli
globebusiness $5.8 Million?... That man is still vastly overpaid. Rovenescu will probably get the board to give him a $10M bonus to secure a bailout of AC...
globebusiness Can I get a refund now?
globebusiness Lol... how about maximum wage laws?
globebusiness How will he get by ?! This is an outrage
globebusiness Wow!!! And people are starving!!!😡😡😡😡😡😡😡
globebusiness So sad for him😢
globebusiness We all have to make sacrifices. praying for you, rich white man. start a go fund me NOW
globebusiness It should be cut to zero.
globebusiness Should we start a go fund me for him?
globebusiness I am sure you will find him at local food bank at 5.8 million cut in pay You can be damn damn sure if I saw in line up at a food bank I would probably kick him out of the way After being home sick no work no pay for 2 months I would find the strength to do so PS I am not your dog
globebusiness About $1100 of that is my non-refundable, 24-month credit air fare that may never get used, or at best only take me half as far...
globebusiness Wow from $12.9M to $5.8M poor baby
globebusiness So a constant struggling industry pays its CEO’s how much?
globebusiness 😭😭😭!
globebusiness Why not cut it even more?
globebusiness Lets tax that at 90%. Bring it down to $580,000. Still more than enough to live really comfortably on.
globebusiness And this is news?!? Please someone start a go fund me page or send covid 19 pandemic government money his way, for goodness sake man he's gotta be hurting financially!!
globebusiness Bad move. He deserves more pay during this time of crisis. He must be working triple the normal hours.
globebusiness Poor bastard.
globebusiness I bought Air Canada stock back in 2008 and the company got bankrupt. All my money lost. But they still use same logo, same name as Air Canada now after reorganization. I no longer buy any Canadian stocks now. Only American stocks.
globebusiness That's still a f***ton of money.
globebusiness Poor schlub. How will he ever survive?
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globebusiness Poor baby
globebusiness Whatever will he do? Hopefully someone somewhere has setup a Go Fund Me account to help him get by. Send me info if you see one.
globebusiness Good to see everyone doing their part WTF?
globebusiness This is what's wrong with Canada! 👎🏼🇨🇦
globebusiness Oh that's good, he now makes what an average Middle Class Canadian makes.
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globebusiness Poor guy makes 6 million while the world and airlines struggle ...not sure how that makes news
globebusiness Why would he get anything?
globebusiness OMG is he going to be ok?
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globebusiness Oh lord how will he survive !!!!
globebusiness I believe all our refunds are sitting in their coffers are they not?
globebusiness A small step in the right direction; another 95% cut and it will be vaguely reasonable! (to $290,000)
globebusiness Am I supposed to feel bad for him?
globebusiness Better not get any government help. Outrageous salary.
globebusiness He will starve!
globebusiness Just let that sink in. More.Than.Half. And it’s still 5.8 million.
globebusiness Only halved? I’d suggest AC chops his remuneration by 95% to reflect how much AC says they have lost their capacity. He can live on that like most of us are. After all we’re being told this is the “new normal” and “we are all in this together”, right?
globebusiness Well this won't help them get public support for funding...
globebusiness Obviously, still overpaid.
globebusiness Still about $5m too much.
globebusiness Put a little more water in the soup honey
globebusiness How is anyone expected to live on $5.8 million?
globebusiness I’m actually good with this. Most of his salary is in stock which is down sharply and he’s taken a more that 50% cut in his bonus structure. He’s also agreed to take no base salary until June 30. Now we need to get tax payer funded senior bureaucrats to do something similar.
globebusiness How will he manage? 🙄
globebusiness Boo hoo. Really?
globebusiness Poor guy, how will be survive in $5.8m?
globebusiness Air Canada is worse than United. Let them die already.
globebusiness Oh the poor bastard. How can anyone live on 6 million a year? Shameful.
globebusiness Such shitty performance at a worst among peers firm earns him 11.6 million a year. Better go bankrupt!
globebusiness Can someone please explain to me how such compensation is determined? goalsetting
globebusiness AirCanada CEO compensation must be zero. Did nothing but laying off. cdnpoli canpoli canlab onlab onpoli canada COVIDCanada
globebusiness Too bad they didn’t lay him off along with the 30,000 other AirCanada employees. He would have qualified to receive the CERB.
globebusiness Do we need to set up a FundMe page
globebusiness There’s a tag day planning in the works. Stay tuned.
globebusiness Will he qualify for the CERB 😂
globebusiness Can he apply for CERB?
globebusiness Thoughts and prayers
globebusiness That’s not enough as he has done a pretty shit job in the last year and the way he has dealt with this pandemic, it has been abysmal
globebusiness And they wonder why the company isn’t making any money? Start here.
globebusiness How's a guy supposed to survive on 5.8 mil?
globebusiness Oh... I'm so sorry for his pain and sacrifice
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