paid its new chief executive Per Bank $22.1-million last year, including a one-time $18-million award to replace compensation that he forfeited by resigning from his former employer.
“In the board’s view, without this make whole compensation, Loblaw would not have been able to persuade Mr. Bank to leave his former employer,” the company explained in its proxy circular to shareholders.Loblaw previously used Meridian Partners in 2022 for a regular review of its compensation practices, a process that found then-president Mr.
. Mr. Bankwith multinational suppliers to help curb price increases, and under his leadership the company has introduced a promotion called “Hit of the Month” with deep discounts on a handful of items every month.
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