Monday, July 15, 2024

The crisis benefits dollars

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Maria Gill
Maria Gill
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While some sectors suffered during the pandemic, this was not the case for the Dollarama retailer, which saw an increase in its sales as well as the salaries of its key executives, who raised a total sum of more than $ 13 million during the last exercise.

This is what emerges from the solicitation circular sent to shareholders for the June 9th meeting, which will only take place online.

President and CEO Neil Rousey reported compensation of $ 6.8 million, an increase of 79% year-on-year. This includes a base salary of $ 1.2 million, option-based bonuses of more than $ 3 million and a grant of $ 1.9 million.

In total, the five main CEOs received bonuses of $ 3.5 million, which were detailed in the post.

“In addition to managing a very specific crisis throughout 2020, the Board of Directors has made progress on […] Chairman Stephen Dunn said the board revamp, succession planning and executive compensation, to provide long-term benefits and profitability.

Dollarama Executive Incentive Compensation is paid on the basis of growth in Earning Before Interest and Taxes (EBITDA), store sales and net number of new stores.

Increase Sales

During the past financial year, which took place in the midst of a pandemic, and despite various health restrictions and closures, the company saw a 6.3% increase in sales to $ 4.03 billion.

“The board couldn’t be happier with the way management is doing and more than 20,000 employees have adapted to serve Canadians under difficult circumstances,” said Mr. Dunn.

Despite this good performance, remember that last December, GRI Investments, a company controlled by a Russian family, liquidated more than $ 46 million of the company’s shares. A Russian Foundation sold $ 86.5 million of shares.

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The family then indicated that this sale allowed the institution to “diversify financially” and finance “the existing obligations of various charitable societies.”

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