Rogers CEO overtakes Telus chief as the highest paid telecom executive

Rogers takeover of Shaw was a driving force behind the CEO's earnings

Tony Staffieri, the CEO of Rogers raked in a staggering $31.52 million in compensation last year, which was enough for him to overtake Telus CEO, Darren Entwistle as Canada’s highest-paid telecommunications chief, according to The Globe and Mail.

Entwistle’s total compensation on the year was still nothing to scoff at, with the Telus chief pulling in $17.49 million on the year. Despite serving the longest, his compensation total puts him in second among Canada’s big three telecom giants, with Bell’s Mirko Bibic following behind at $13.59 million.

A major cause of Staffieri’s rise in compensation in 2022 was due to perks following his appointment as CEO in January and Rogers’ acquisition of Shaw Communications.

Staffieri’s promotion from CFO to CEO, along with the company’s increase in annual pay led to Rogers estimating nearly $10 million in additional lifetime future pension cost. Companies are required to report changes in executives’ future pension income to security regulators each year, and the $9.9 million contributed to the CEO’s $31.52 million annual compensation.

Apart from this, the remainder of Staffieri’s was comprised of stock awards, bonuses and his salary. To sweeten things for the chief, he was awarded a $1.83 million dollar annual bonus as a result of Rogers achieving its revenue goals and profit targets in 2022.

If that wasn’t enough, Staffieri received an additional stock-option award that was valued at $8 million. He has the opportunity to collect the award if Rogers meets its undisclosed on the first and second anniversaries of the Shaw takeover.

The CEO’s paycheque may be overinflated this year, but according to the company, it may be a one-time deal. Rogers has set his normal annual compensation at around $10.5 million, giving the Telus chief a chance to get back in front by the end of this year.

Source: The Globe and Mail Via: iPhone in Canada