Canada

Former SNC-Lavalin CEO took home $7 million in 2019 for five months of work

MONTREAL - Former SNC-Lavalin Group Inc. CEO Neil Bruce earned a full $7 million in 2019, though his tenure came to an end less than halfway through the year.

The company’s proxy circular says Bruce, who ceded the top spot to Ian Edwards in June, received a base salary of $1.3 million.

He also took in $4.2 million in share-based awards, a bonus of about $670,000 and “other compensation” of $891,000.

The latter includes a half-million dollars in reimbursement costs to cover Bruce’s move from Montreal to the United Kingdom to join his family upon stepping down, aside from a spot on the board of directors that he held until the end of the year.

The document states that Bruce, whose total compensation was $5.4 million in 2018, “did not receive any severance payments as a result of his retirement,” adding that his contract was modified on June 11 in the wake of the head office shakeup that day.

Bruce’s departure 10 months ago capped off a near four-year stint at the helm of SNC-Lavalin that was marked by a 42 per cent plunge in share price and a political controversy tied to a now-settled corruption case.

This report by The Canadian Press was first published April 7, 2020.

Companies in this story: (TSX:SNC)

Get more business in your inbox

Get the business news and analysis that matters most every morning, including the latest on what the coronavirus means for you, in our Star Business email newsletter.

Sign Up For Free Now

Football news:

Niang is Interesting for Tottenham, but the move to Marseille is more real
Coutinho's agent: Philippe has a desire to return to the Premier League, but there have also been conversations with Bayern about next season
Bayern President on Sanaa: he plays in Nike cleats. If he goes to us, he will learn about the advantages of adidas
Ighalo's agent confirmed that Manchester United are close to extending the player's loan until January
Celtic can sign Claudio Bravo, foster or Joe HART
Harry Kane: Tottenham must win 7-8 games to qualify for the Champions League
Jankauskas on Mourinho: Smart, witty and strong. First of all, the spirit