Canadians slam Loblaw CEO Per Bank after learning he was paid $22 million in 2023

Per Bank, Loblaw Companies Ltd.’s new CEO, received a whopping $22.1 million in 2023, and Canadians have plenty to say about it.

Galen Weston stepped down from his role as president of the corporation effective November 1, 2023, and Bank assumed the role of president and chief executive officer with a $1.315 million base salary package.

According to a report released on Monday by Loblaw, Bank has since received $438,333 in salary, $6.6 million in share-based awards, $803,535 in option-based awards, $910,660 in cash bonus and about $13.3 million in other forms of compensation. That adds up to a total of $22,137,979 in compensation during Bank’s first few months on the job.

Bank brings with him three decades of experience in retail. He was the CEO of Salling Group A/S, the largest retailer in Denmark that owns 1,700 multi-banner supermarkets across three countries.

Some brands under Salling Group A/S include Bilka, Føtex, and discount supermarket Netto.

A Loblaw representative confirmed that part of the compensation that Bank received was the money he forfeited by leaving the company.

“This is a common practice for senior executives reflecting their unique circumstances when joining another organization,” they stated in an email.

“In Mr. Bank’s situation, the payment of the RSU and cash awards relate to make-whole payments for compensation he forfeited; risk he assumed in leaving an organization he led for many years; and, the Board’s view of arrangements necessary to entice a global executive of Mr. Bank’s experience and stature to lead the organization and leave his previous employer.”

Loblaw’s food prices have prompted shoppers to create a Subreddit called “Loblaws is out of Control” to highlight the grocery chain’s “out of control” prices. When the company discontinued its 50 per cent discount on nearly expired items, consumers decided to take action, which led to thousands of Canadians planning to boycott Loblaw stores.

So it’s no surprise that news of Bank’s hefty $22.1 million compensation has received criticism from fed-up Canadians.

What are your thoughts? Let us know in the comments.

With files from Isabelle Docto and Simran Singh

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Canadians slam Loblaw CEO Per Bank after learning he was paid $22 million in 2023

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