Covid, Business, Air Canada, Ceo, Executive Pay

Covid, Business

Air Canada CEO's compensation cut by over half - to $5.8 million - due to pandemic

Air Canada CEO's compensation cut by over half - to $5.8 million - due to pandemic

2020-05-26 1:08:00 AM

Air Canada CEO 's compensation cut by over half - to $5.8 million - due to pandemic

Air Canada CEO Calin Rovinescu was on track to receive around $12.9 million in total compensation last year, but the value fell by more than half as the airline's shares stalled due to the COVID-19 pandemic.

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 $3.5 million while his pension value was $875,000.

Theatre star Nick Cordero dies at 41 following complications from COVID-19 Trump plans to hold an outdoor campaign rally in New Hampshire Blue Jays players, staff arrive in Toronto

The CEO gave up his base salary until June 30. His total compensation was $11.6 million 2018.In 2019, Air Canada earned $1.4 billion in profits on $19.1 billion in revenues. COVID-19 turned everything upside down with the airline losing $1.05 billion in the first quarter ended March 31, in addition to forecasts that it would take more than three years to recover from the current crisis.

This report by The Canadian Press was first published on May 25, 2020. Read more: CTV News »

Nobody deserve that much compared to minimum wage I will never fly with them again. Try living on $2000 a month taxed bud. That's what sucks about this world. That goes for everyone making more than that. I challenge you all. Very disappointing. Shame on you all. Gosh, that must be awful! What's he supposed to live on

We’ve definitely overpaid for our flights and skimpy refreshments. How much does the lowest paid worker earn? I forgot - $0, they’ve were laid off. From ridiculous to merely obscene if Air Canada just layoff this guy thy need not to layoff anybody else........😇🤣😅😇🤣😅😇🤣😅 Was a pest and remains a pest

Poor baby Next headline: Air Canada CEO declares bankruptcy. That's it? :s must be a hard life. This is the saddest news I’ve heard in months! How will he continue the upkeep on all of his properties? Boo effing hoo. Gee that must be tough . How ever will he survive? ffs ...and they won’t give me and you a refund on a flight cancelled due to Covid19, only a flight credit! Guess we all know why AC had to keep my money and yours instead of giving refunds - so they could afford to pay their overpriced help.

Poor baby Omg how will he survive on that? So ruthless Yikes - what a salary - what about other benefits? Oh gee Poor guy Are you telling me that he made almost $1 million dollars/month? That's $33,333,333.3333333 PER DAY!!!! OBSCENE!!!! Good. Stop fkn over charging for nearly every damn flight. Please! Take $5 million more while you’re at it.

And the MPPs took at 3% raise. ++ And the Political parties are mandating taxpayer financial assistance. Except the Bloc. Half his bonus or his whole financial package for how long? Haaaawww Gee so sorry. Poor guy 😎. Wait... Jeepers what a shame, not! If this is true then according to Trudeau, Sir Canada would get nothing. Trudeau indicated that CEO compensation total was topped at $1M gor any company getting assistance from the government.

O boo hoo 😢 Awwww , isn't that a shame ..... And our esteemed PM is doling out millions in pandemic$$$$ to Air Can!!!! Meanwhile seniors get a one time payout of $500-600!!! How can any one person be worth that amount of salary His bonus was also cut by half. Why is he getting a bonus at all? That's 5.8 million too much.

I’d like my refund for the flight that Air Canada cancelled - not me - Air Canada! How will he go on? He’s destitute! This ONE guy's salary can sustain almost 200,000 employee's that are suffering. aircanada Canada I'm sorry do you mean he was making over 11 million before this? No President of an Airline that has as many problems as air Canada should be making this amount of money.

Hope he can survive on that, times may be tough. Don’t forget that you can apply for CERB to get you over the hump. They should not receive any government money I hope he doesn’t think he is being hard done by...HF No need for that. And our government keeps bailing them out fuck that Poor fuck I’d be embarrassed to make that much.

How will he ever survive on 5.8 million? Good cripes. AirCanada JustinTrudeau CanadianPM MarcGarneau CBCNews 680NEWS globalnews Air Canada socializes it’s losses by penalizing it’s customers, however it privatizes its profits to its CEO and shareholders doublestandards Give us a refund on pandemic cancelled flights!

Poor thing Still pretty highly paid for an incompetent!! Trudeau will ballot out AC, German did. Half pay? Has business dropped by half? Boo hoo Good, serves them right for gouging us for years. Decreasing services while never cutting back prices when oil prices tanked. They're going to have to work really hard to get my business back.

It should be cut to $250,000 and he’d still be overpaid!! OMG I feel so sorry for this guy. How will he survive? I am retired and have over 10k in credits I have to use in 12 months and he gets compensation. What a load of BS. Funny nobody ever chastised him before Covid. Now rape and pillage. It is ridiculous that he is paid over $10MM a year but let’s burn him up now. No CEO really earns that money but all the CEOs have a club...who gets the most is the game.

sunny_days62 How will he survive? Tough tough Times ahead Hopefully he will be ok Good! Instead of handing out vouchers/credits this CEO’s portion of his salary should cover the refunds that customers are owed, waiting for and haven’t received for all the flight cancellations during COVID. AirPassRightsCA

Poor boy,should try reality sometime! How many times has Canada bailed them out, again? OMG! How will he put food on the table for his family? Provide shelter for his children? I think I will start a go fund me page for him. I feel so bad. Ahhhh! GoFundMe And if they expect taxpayer bailouts it can be cut by another 80%.

Really AC’s CEO is still making almost 6 millions while the airline is on the verge of bankruptcy? And that’s why they can’t refund the money they’ve stolen from Canadians whose flights were cancelled. Where’s Marc Garneau’s sense of right and wrong? Canada should not be paying wage subsidies to Air Canada until it’s CEO makes what Warren Buffet makes every year: $100K. I hope we are not bailing out Air Canada with exec compensation like that! CanadianPM cafreeland

Hopefully he can get by Omg how is he going to pay for groceries? 😢 The sacrifices run deep /s 11.6 , was, last year. Hope he will be ok..... Cuz it more dude is worthless Seriously! Poor baby. I hear there is a Go Fund Me set up to help him and his family survive. Donate if you can. Even a million would help.

Oh no! 5.8 million HOW WILL HE SURVIVEEEEEEEeeeeEeeee?! 🙄🤨 These millionaires taking anything more than $1/ yr while others are losing their jobs is proof that they do not care about their employees. Boo. Hoo. Oh the poor guy. Does he need a lift to the foodbank? Awwwwwwww.... Boo freaking hoo... That's still more than I'll make in an entire lifetime. He'll still be able to afford his huge house, expensive cars and cottage without any hardship

My heart bleeds for him like a potato How will the poor man survive.🙄😏 He should get fuck all How will he live? Awwww pooo’r baby 🍼 Awwww poor baby 5.8-million. Wow. Who said airlines were in a tight spot again? aww CERB could help these poor guys. And here I am a 72 year old pensioner out $178.00 for a flight that never happened and Air Canada refuses to give me a refund!!!

My gawd!!! Things must be really tough for him...LOL!!! Ohhh poor bastard. How will he ever survive on $5.8 million a year? Jeeeezzzzzzz give me a break I don’t think I’d turn down $5.8 million. Our government is supposed to give Air Canada a bale out That’s blatantly Air Canada bullshit.Tell us about cooperate welfare. The only thing going for us noe the conservatives are not in power to subsidize the the CEO wages cut in half and throw money at Air Canada.

Don't you just love companies from Montreal. Poor baby. No one deserves to make that much money. No matter how good they are at their job. Oh that hurts so much. You’re salary is only 5.8 million.I feel so sorry for you. Hope you and family won’t find the struggle more then you can copy. Nonsense. This is why we are in trouble. Kings running Canadian businesses.

How much of that is bail out money from taxpayers Cut to 5.8M ..... tough life However will he cope? Genuinely worried. When he earns what Essential Long Term Care Workers make, only then would I ‘consider’ public money going to AC. Does he need us to start a Gofund me page.. to top up or will Trudeau and the Liberals just do it on our behalf. Can’t leave the guy hanging in tough economic times.

That is tragic!!!! Air Canada is charging me $1200 to get the remainder of the cost of flights to South Africa. We cancelled on March 15th as soon as it became clear that we could not travel. $1200 in fees to get $700 back, and his pay has been CUT to $5M? Cry me a River aircanada Thieves Cry me a cake. What a joke!

I guess I will start a fundraiser for him. Who’s in? Why is this being reported on What about the thousands laid off by airlines. During his time as Chair of Ontario Hydro International, Maurice Strong never took a paycheque. I guess you can't say the same AirCanada. Between news like this and your refusal to refund tickets - your company is taking a huge hit.

He can still share with that amount Womp Womp. Gee how will he survive?! 🤦🏻‍♀️😒 The guy was making over $11M a year for an airline that needs a government bailout at least a once a decade...This CEO shit is out of control 🤦🏼‍♂️ Awwww! poor bastard aahh ya poor bastard. 😭😭😭😭😭 How about refunding my money from a canceled flight out of the rest of his obscene 1/2 salary!!

What a travesty... Are we meant to feel bad for him? Cause I don’t He should apply for CERB Cry me a river. Don’t feel sorry for him Man that must be rough... Bwahahaha 😂 Darn. If You or I had a 50% pay cut it would be poverty row. How will he ever make ends meet? OMG, we have to start a go-fund-me page right away. The poor guy. Think how he and his family are suffering!

What a ridiculous report, when everyone else is suffering. He should donate his salary, like the rest of the top 1% should all be doing. They wouldn’t have their wealth, if it wasn’t for all of us. Disgusting! I feel 50% better right now, but I got ripped off for $292 because if you cancel one way, the other way does not come back. So, I think the other $5.8 million is due and payable. Or make Air Canada back into a Crown corporation with responsibilities to service far north.

No CEO is worth what they are paid. Took Air Canada last year from Vancouver, the worse flight I have ever been on. Poor guy! How will he feed his family? This is so sad, perhaps we should take a collection so he can feed his children! Sending thoughts and prayers during this difficult time. Poor baby This absolute boloney! I can’t even believe this!

This is DISGUSTING! Hopefully he can keep a reasonably decent standard of living after that cut. Anything we can do to assist? He'll never financially recover🙄 CEO compensations are a joke. 940% rise since ‘78 while worker pay up 12%. Vote wisely!!!! Guess they need the money MarcGarneau ? Poor fella’s gonna have to downsize his yacht, such a shame.

Ok it's a start, now knock off a couple of Zeros from that number. Somehow I dont think he's gonna need the food banks No passengers, no profits, tanked share price...$5.8M in compensation for overseeing a financial plane crash, while his employees lose their jobs. Another example of obscene & out of control wage disparity.

Suppose the free first class flights for the rest of his life plus family hangerons won’t be too bitter a pill to swallow either. Am I suppose to feel bad for him 🤣🙄 Now what kind of Christmas will he have, poor fellow. Really, and they can’t give cash refunds instead of vouchers Big. Deal. Are we supposed to feel badly about this?

I wish the 467 victims of PROVEN SYSTEMIC HARASSMENT waiting years for justice at the Canadian human rights tribunal will be adressed too...how do you expect to survive when you keep.our pensions hostage illegaly I weep for his losses No one should be entitled to such a greedy compensation. Excessive greed is a curse to this world, just read history.

That’s why he was so teary eyed today Maireks1 What's he being compensated for? Oh the poor thing, should we send a food hamper? 🙄 Omfg how will he survive. How will he feed his family and pay his rent? Oh wait...🙄 What....that's half, Geeezuz H...most people are going without let alone half of anything like this...WHAT THE HELL! Hey Calin how about take a kneel on this one this year so we can pay the workers...what do you say...?

Poor guy, I hope he’s ok! Poor guy I can’t believe he makes under 6 million now. 😏 This is one of the few times ctv posted something without a bunch of conservatives yelling about it, they must all be hiding. Anybody buying the stock of this foul company, at $17ish a share, need to seriously have their head examined. At $8-10, I might sniff it, but right now, it's a solid short! No planes, no passengers, no place to fly... It's a dud!

My,My, how sad !!! Poor guy Jeez, I feel so bd for him. How could he live with such a meager salary. Ahh I’m sure he’ll make it work😂 Gosh, how will he survive on that? Poor man How will he ever afford to eat and keep a roof over his head? 🤷‍♂️ oh we should start up fund rise and help him find near by FOOD BANK in case he have to go. 5.8M will NOT last long. maybe those his ex-employees can help him since they on the GOV'T BENEFITS.

So many salty, jealous folk in this thread. Doesn’t effect you in anyway, not even sure why they needed to post this. Guess to stir up the drama queens. 🤷‍♂️ wow he have to live on only 5.8M instead of 12M that tells YOU. airline can survive People ripping on wealthy people losing money have no heart. What would you do if you had your salary halved How would you feed your private jet

A Hardship For the CEO I am sure. Oh no, how will he buy food and pay his mortgage How will he survive with that much money Oh my what ever will they do. If he is going to cry about it, may as well cut it in half again Poor guy. How will he make it through? 🙄 How about if he went without for 1 year so his employees could keep their jobs?

Awwww the poor bastard! Maybe he should invest some back into AirCanada so they can STOP looking for a handout from the Government. Oh no! Only 5.8 million That poor soul. How will he survive!? We must rally in the streets so this man can make even more money that he doesn’t deserve! That being said, fuck this guy. Nobody cares about overpaid ceos

If he’s making that much Air Canada dorsn’t deserve a penny in government support Poor guy... What a sin. Crooks!!! boo hoo Only 5.8 million. Really struggling! But they bailouts from the government. Maybe you shouldn't have wasted your money Air Canada 😉😜 Can’t feel sorry for him. At least he still has a job.

oh boohoo... meanwhile foodbanks run the risk of being empty... Good! Well I guess the grandchildren get no name brand food for the next little while, hard time to get by on 5.8 millions Are we suppose to feel bad for him Terrible thing that is .... poor fella' , how will he ever get by ? That shouldn't be allowed .... No one needs to make a salary like that . CEO's getting that much and the company going after huge bail out money from taxpayers ... something needs to change !

$5.8 million - really!? $1 million is more than enough! Awwwwww !!! How will he survive ? cry me a river poor guy He’s going to have adjust his quality of life and way of living. Marie Antoinette indeed I am not sure how the air Canada CEO will survive on 5.8 million dollars annual income. He may have to start going to the Dollar store.

Woe is me trying to survive on $5.8 million must be such a struggle 🤨 Seriously who needs that much. Demote him and offer him a reception job. Use that money to fight covid. Maybe empty seats between 2 passenger will hover the loss from CEO compensation Poor guy. Maybe cut it all! Should have been saving his money. Was he buying too much avocado toast?

Gee I hope he can survive on that and the company wants the government to give them bail out money get your expenses in check first Clearly we need a GoFundMe!!! Poor bastard! I can’t imagine! How many people did they lay off again? Feel so sorry for him Heartbroken he is part of the problem. This is not normal it has to change

something very wrong with our whole system in a media story like that. How many service employees have had their comp cut to $2k/month from govt because their job literally vanished? How many Air Canada employees are fully out of work? Give me a break CTV. Oh no that’s too little. Only $5.8million? He is going to lose his car Please

Poor him he may have to live like a $5 millionaire not a $10 millionaire How will he ever make it through this year? Oh no! Is he going to be ok? 🤨 Now tell me how does that work. The air line business is down by 90+ % and he gets a 50% cut. Thousands of the employees are out of work and from what I’ve read out of gov’ t benefits. This math does not add up.

Ummmm.... So tragic! How will he survive? Wow...how will he ever survive on that!? Oh, the sacrifice! What a hero! Up to 60% of AirCanada's entire workforce will be laid off by June. THE CEO SHOULD NOT BE GETTING PAID 5.8 MILLION DOLLARS! This is disgusting! resign If the biz is failing under pressure, why is he getting anything, did accountability fall out of the dictionary?!?

Mon dieu! What will the poor baby ever do? Still left him too much. How will this guy afford the basic necessities with this pay cut? OMG he may soon be begging in Dundas Square... Be kind when you see him out there.... Awww booboo. Poor you😒 Aaahhhh, poor thing! He really suffered from this Pandemic! Only half?

Zero f*cks given! My god we should take up a collection. How will he manage to survive? How is this man supposed to get by on $5.8 million? Such a tragedy. AirCanada Lot of money left for them anyway. Thus is why in normal times, prices up to the sky Dang...feel bad that I just donated to my local food bank, when I could have helped him out instead...shit buddy I’m so sorry 😐

😢 Tough times indeed Poor AirCanada CEO How will ever survive? Should we open a GoFundMe account to help out? Now I know why Air Canada's flight rates are so high. Air Canada has been ripping Canadians off forever. This guy makes more money in one year than most people make in a lifetime. Sure he deserves to be paid, but this is disgusting.

Another example of how overpaid CEOs are in Canada and abroad. Poor guy. 5.8m Hire me. I'm qualified and i'll bring the airline back in business. Game on 💪🏼 Poor bugger Food bank is the next step for him.I hope he can still keep up his contribution to the Trudeau foundation. He needs to be so brave right now. 🤣

Oh no! Hopefully he and his family won’t have to avail CERB, EI so they won’t go hungry. We cannot have refunds, but at least the CEO still makes almost $6 million. Gonna have to lay off his butler Poor guy. Hope he makes it through 2020. Aw gee I feel so bad about that Tough life! poor baby. what a sacrifice. NOT.

Poor guy. Not sure how he will be able to survive on 5.8 beans Poor guy... CTVMontreal Awwwww... Our hearts bleed for him Maybe I should start a Go Fund Me page for him. Poor guy. 😂

Air Canada, Transat deal faces intense EU antitrust scrutinyEuropean regulators say the deal may result in higher prices and less choice for flights between Europe and Canada Who saw that coming? apart from everyone

Air Canada CEO’s compensation cut by more than half to $5.8 million due to COVID-19 Air Canada CEO ’s compensation cut by more than half to $5.8 million due to COVID-19 Globe Business globebusiness Oh... I'm so sorry for his pain and sacrifice 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.

Coronavirus pandemic drives home why Canada needs to loosen ties with China: former ambassador“We’ve got to take a much more active role and understand that things are changing (...) and part of that involves what could be referred to as decoupling,” said Mulroney China needs to submit to reason. It is causing civil war in China, not to mention the dictator disease train that stopped the world still in its tracks. Death after death. ya tink Our governments refuse to keep China from buying up our land, buildings, and businesses. Lets pay attention to that and not worry about Hong Kong.

‘A failed venture’: Unifor president says Canada needs better long-term care systemJerry Dias, the president of Canada's largest private sector union, says Canada needs 'a better system than we have today.' Oh boy Can you say “depression” buddy? Companies are seeing an opportunity, pay decreases, loss in paid breaks and this is a multibillion dollar company but because we are sub contractors who cares.

Nearly 70 new coronavirus deaths in Canada as Ontario sees highest case jump since May 8Overall, Canada reported more than a thousand new cases and 69 new deaths, bringing national figures to 84,686 cases -- including more than 43,000 recoveries -- and 6,424 deaths. Seriously.. even more stories this has been like the 10th post I've seen on this. Give it a rest already. Nobody wants the tests. The virus is almost gone. People want to enjoy summer. This does not match the directive from the Chief Medical Officer yesterday. Communications to the public and the testing community should be the same.

Globe editorial: Canada, and the world, must stand up to China’s latest attack on Hong KongChina’s ruling party has cooked up a new recipe for putting the semi-autonomous territory under the thumb of its national security state GlobeDebate Racist GlobeDebate Crickets from our illustrious PM Black Face... GlobeDebate