Globe says Air Canada CEO takes home $2.6-million


Air Canada (C:AC)
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Monday May 03 2010 - In the News

The Globe and Mail reports in its Saturday edition that Calin Rovinescu, Air Canada's chief executive officer, earned nearly $2.6-million in compensation last year as he guided the carrier through a financial crisis. The Globe's Brent Jang writes that Mr. Rovinescu, who took over as CEO on April 1, 2009, collected $603,066 in base salary and $450,000 in "quarterly milestone payments," according to the airline's management proxy circular released Friday. His pay packet included $800,825 in annual incentive payments and $633,410 from option-based awards. Last year, Mr. Rovinescu was granted one million Air Canada share options at an exercise price of 97 cents, the circular said. Air Canada's stock price has tripled since Mr. Rovinescu took over as CEO from Montie Brewer. Air Canada shares fell two cents Friday to $2.23 on the Toronto Stock Exchange.

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