Galen Weston took in $8.4 million in total compensation in the 2022 fiscal year in his role at the head of Loblaw Companies Ltd.
Meanwhile, Empire Company Ltd. CEO Michael Medline took in $8.7 million, while Metro Inc. CEO Eric La Flèche earned $5.4 million.
But Weston’s Loblaw compensation isn’t the full picture, as he is also head of the George Weston Ltd. holding company.
His total compensation reached $11.7 million in 2022, a nearly $1.1-million increase from the year before.
While Weston’s Loblaw compensation jumped significantly year over year, a 56 per cent increase compared with smaller increases received by his competitors, he was also promoted to the top leadership role mid-2021, which muddies the comparison between his 2022 and 2021 compensation.
The grocery chain heads have come under increasing scrutiny amid runaway food inflation, telling a parliamentary committee last month that higher prices were not caused by profit-mongering and that their margins on food sales have remained low.
This report by The Canadian Press was first published April 5, 2023.
Companies in this story: (TSX:L, TSX:EMP.A, TSX:MRU)
Christopher Reynolds and Rosa Saba, The Canadian Press
