PKP pocketed $7 million in 2008 as the head of Quebecor, putting him on the Top 100 list of highest paid Canadian CEOs, says a Canadian Centre for Policy Alternatives report released today.
"The total average compensation for Canada's 100 highest paid CEOs was $7,352,895 in 2008 - a stark contrast from the total average Canadian income of $42,305," says Hugh Mackenzie, the report's author. "They pocketed what takes Canadians earning an average income an entire year to make by 1:01 pm January 4 - the first working day of the year.
"During the worst of economic years, the average earnings of Canada’s highest paid 100 CEOs were 174 times greater than Canadians earning an average income."
Mackenzie's report places PKP at 35th, with a salary of $1.2 million, $5,769,562 in options and $15,900 pension.
Thomas Glocer at Thomson Reuters Corp. tops the list at $36.5 million. Robert S Pritchard at Torstar Corp. is 84th at $4.1 million.
Media employees in the trenches can learn how long it takes corporate CEOs to earn their annual salaries with CCPA's Salary Calculator.
If your annual salary is $75,000, the calculator says by 2:17:51 p.m. tomorrow, the average of the top 100 Canadian CEOs has already earned your salary of $75,000 for the entire year.
Tough economic times, indeed.
"The total average compensation for Canada's 100 highest paid CEOs was $7,352,895 in 2008 - a stark contrast from the total average Canadian income of $42,305," says Hugh Mackenzie, the report's author. "They pocketed what takes Canadians earning an average income an entire year to make by 1:01 pm January 4 - the first working day of the year.
"During the worst of economic years, the average earnings of Canada’s highest paid 100 CEOs were 174 times greater than Canadians earning an average income."
Mackenzie's report places PKP at 35th, with a salary of $1.2 million, $5,769,562 in options and $15,900 pension.
Thomas Glocer at Thomson Reuters Corp. tops the list at $36.5 million. Robert S Pritchard at Torstar Corp. is 84th at $4.1 million.
Media employees in the trenches can learn how long it takes corporate CEOs to earn their annual salaries with CCPA's Salary Calculator.
If your annual salary is $75,000, the calculator says by 2:17:51 p.m. tomorrow, the average of the top 100 Canadian CEOs has already earned your salary of $75,000 for the entire year.
What I'm sure everyone would like to know is how many of those people that were dumped unceremoniously in Dec. 2008 would have had their jobs saved if he turned one-fifth of the worth of those options back to the company?
ReplyDeletehis obscene salary translates to $134,615.39 per week, not bad for inheriting dad's company.
ReplyDeleteCan't wait for next years figures with all the layoffs and "downsizing" that's been done. As a person that was layed off by QMI, this piece of information makes me sick!
ReplyDeleteI am sure PKP deserves every penny he gets paid, just as I am sure he cares about every employee that he terminates.
ReplyDeleteHow many Sun Media people can claim an average pay of $75,000?
ReplyDeleteComplain all you want..He's the CEO, name another CEO that doesn't have a ridiculous salary. How does this come as a surprise to some of you? I thought his salary would have been higher. Like it or not.
ReplyDeleteThe Christmas bonuses are in there somewhere.
ReplyDeleteI'm sure PKP truly believes that he earned this money; that no one but him was responsible for company profits; that people are merely numbers on a spread sheet.
ReplyDeleteIn the end a few papers will be left standing, but in the interim many communities will lose their main source of news, and the papers that are left will be no more than a vehicle to carry what few advertisers will be left. In other words, there will be no real product to sell.
Alas, as someone once famously noted about another rich kid: He was born on third base but thinks he hit a triple.
Christmas bonuses?
ReplyDeleteFor several years, all we received for Christmas at our Sun paper was a Rotary Calendar (to boost the publisher's sales) and a handshake. In later years, they dispensed with the handshake.
I, for one, am willing to see him receive full credit - credit for inevitably bankrupting this side of the company just like he did the other side.
ReplyDeleteIt's funny that he can earn more than $7 million, yet "the company" (that's what it said in the e-mail) wouldn't provide Christmas or New Year's Day dinner at the Ottawa Sun for the seven or eight poor saps who worked those days, respectivley (That's the entire building, not just the newsroom, BTW). It is, according to the longtime employees, the first time the Sun hasn't provided a meal since the paper began in 1988.
ReplyDeleteProvide a meal? Come on now, that would cos, let's see...$30 for a small turkey, $40 a mix of veggies and throw in a case of pop...
ReplyDeleteSilly people, we can't go trying to make our employees happy, why that would cost us $100!!!!
lets go one step further and lay them off so they can go to soup kitchens
ReplyDelete