Canadian News Apr 19, 2021 4:01 PM EST

Loblaws, Canadian Tire executives receive MILLIONS in bonuses as pandemic boosts sales

In the case of both companies, the CEOs saw an overall drop in payout for their work in comparison to previous years.

Loblaws, Canadian Tire executives receive MILLIONS in bonuses as pandemic boosts sales
Noah David Alter Toronto
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Canadian Tire and Loblaws, two of the largest retailers in Canada, paid out millions of dollars to corporate executives as they saw a massive boost in sales during the coronavirus pandemic, The Globe and Mail reports.

While both companies saw increases in sales as many of their small business competitors were forced to close, the cost of additional pandemic-related safety protocols caused profits to lag behind sales growth.

Greg Hicks, Canadian Tire's CEO, made a total of $4.49 million in 2020, while his predecessor, Stephen Wetmore, made $8.4 million in the same year despite having stepped down from his position in March. Such payouts include a $949,224 and $2.1 million bonus respectively, 107.9 percent of its target for the year.

Loblaws CEO Galen Weston, who passed away last week, made a total of $3.55 million in 2020, a decrease from the previous year. Sarah Davis, the president of the company, made $4.53 million.

In the case of Loblaws, however, bonus payouts were below the company's annual target.

In the case of both companies, the CEOs saw an overall drop in payout for their work in comparison to previous years.

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