29.6 million for Quebec Techno Coveo Solutions bosses

The top five executives at Quebec computer company Coveo Solutions received a total of $29.6 million in compensation for its shareholders despite a very painful first year on the stock market.

Posted at 10:00 a.m

Martin Vallieres

Martin Vallieres
The press

Coveo Chairman and CEO Louis Têtu received $12.85 million alone, including just over $12 million in company stock options.

In addition, Coveo’s Head of Strategy and Growth, Nicolas Darveau-Garneau, received 8.28M in compensation, of which 5.2M was in the value of stock awards and 2.89M in the value of awards in stock options.

This information is included in Coveo’s management circular, which is being distributed to shareholders these days ahead of the company’s first annual general meeting since the company’s listing.

This meeting will take place in virtual mode on September 15, despite the lifting of health restrictions.

Among Coveo’s main shareholders, all of them minority shareholders, we mention Fonds de solidarité FTQ, which holds 14.54 million shares, and the state-owned company Investissement Québec, which holds 12.22 million shares.

This AGM comes at the end of a very costly first year on the stock exchange for investors in Coveo shares during the initial public offering (IPO), which closed on November 24, 2021.

From their initial value of USD 16 nine months ago, Coveo shares have risen to around USD 7 each on the Toronto Stock Exchange these days.

Regarding the most recent financial results, Coveo ended its fiscal year on March 31, 2022 – March 18, 2022e since its inception in 2004 – with an operating deficit of $57.8 million, triple the previous year.

That increased operating deficit came despite a 33% growth in total revenue to $86.4 million from $64.8 million in 2021.

The few analysts who are keeping tabs on Coveo are expecting sales of $110 million for the current fiscal year ended March 31, 2023.

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