Dollarama CEO Neil Rossy saw his benefits and bonuses increase by $1 million last year to $7.83 million. In three years, his compensation has skyrocketed by 106%.
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The Montreal-based chain recently released its proxy statement in anticipation of its annual general meeting on June 8th.
In this document, we can see that Mr. Rossy received a base salary of $1.27 million last year and that his stock and option-based awards totaled $4.59 million.
The President and CEO also received a $1.95 million bonus for meeting his goals and his retirement plan was valued at $14,757. Over the past three fiscal years, Mr. Rossy’s total salary has increased from $3.8 million to $7.83 million.
In recent months, Dollarama said it “enlisted the services of Willis Towers Watson to enlighten it on market trends in executive and director compensation.”
“The compensation policy is designed to attract and retain high-performing executives, motivate and reward them for their performance and contribution to the long-term success of the company,” the retailer wrote in its circular.
Collectively, the company’s top six executives shared a salary pool of $16.46 million. On March 1, 2021, Jean-Philippe Towner succeeded Michael Ross as Chief Financial Officer. Mr. Ross held an advisory position until December.
increase in sales
In recent months, the pandemic hasn’t dampened the low-cost chain’s sales. They rose 7.6% over the year to $4.33 billion. There were gains too, with a $663.2 million crop. This is an increase of 17.5% compared to the previous year.
Announcing the latest financial results in March, management said it had fallen victim to inflationary pressures, particularly with regard to the cost of transporting goods.
Therefore, the retailer will raise its prices in the coming weeks for the first time since 2015. Some $5 products will hit store shelves. Dollarama believes this adjustment will also allow it to offer consumers new products.