Air Canada CEO lands a $52.7-million payday
Aug 7, 19, 5:24 pm
#1
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Air Canada CEO lands a $52.7-million payday
Article just published in the Globe and Mail for those interested. You have to have a subscription to read it.
In addition to the 52.7 million, it mentions that Mr. Rovinescu, 63, still holds 1.6 million options and they have an average exercise price of $13.52
In addition to the 52.7 million, it mentions that Mr. Rovinescu, 63, still holds 1.6 million options and they have an average exercise price of $13.52
Aug 7, 19, 5:40 pm
#2
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Is it connected to this post from yesterday, Aug 6?
Air Canada CEO Sells Block of Shares for Investment Diversification, Estate Planning and Charitable Giving
"MONTREAL, Aug. 6, 2019 /CNW Telbec/ - Air Canada said today that during the permitted open period following the release of its Second Quarter results, Calin Rovinescu, President and Chief Executive Officer, has exercised Stock Options from 2013 and sold the underlying 1,269,149 Class B Voting Shares on the Toronto Stock Exchange through the facilities of a Canadian investment dealer, as reported in applicable securities filings.
Mr. Rovinescu plans to use proceeds from the sale of shares for investment diversification, estate planning and to fund his Family Foundation for charitable giving.
The Stock Options exercised were scheduled to expire in the first half of 2020 and the shares sold represented less than one third of Mr. Rovinescu's total equity interest in Air Canada."
https://www.newswire.ca/news-release...821693673.html
Air Canada CEO Sells Block of Shares for Investment Diversification, Estate Planning and Charitable Giving
"MONTREAL, Aug. 6, 2019 /CNW Telbec/ - Air Canada said today that during the permitted open period following the release of its Second Quarter results, Calin Rovinescu, President and Chief Executive Officer, has exercised Stock Options from 2013 and sold the underlying 1,269,149 Class B Voting Shares on the Toronto Stock Exchange through the facilities of a Canadian investment dealer, as reported in applicable securities filings.
Mr. Rovinescu plans to use proceeds from the sale of shares for investment diversification, estate planning and to fund his Family Foundation for charitable giving.
The Stock Options exercised were scheduled to expire in the first half of 2020 and the shares sold represented less than one third of Mr. Rovinescu's total equity interest in Air Canada."
https://www.newswire.ca/news-release...821693673.html
Aug 8, 19, 10:56 am
#5
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Mr. Rovinescu plans to use proceeds from the sale of shares for investment diversification, estate planning and to fund his Family Foundation for charitable giving.
49.9% estate planning
0.1% charity (so it can be mentioned) - or just whatever is necessary to avoid taxes?
Last edited by tcook052; Aug 8, 19 at 11:26 am
Aug 8, 19, 11:46 am
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Charitable donations can reduce your tax obligations, at best, 1:1. For rich guys the magic comes from going to expensive parties on pre-tax dollars that they would have gone too without the banners and speeches anyway, with after tax dollars.
Aug 8, 19, 1:45 pm
#8
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So happy to know that at least Calin benefits from me having to suffer through rouge flights to work with my knees pinned to my chest for hours on end. I'm thrilled my lack of comfort can directly contribute to his. Atta boy, Calin! Be sure to use nothing but $20s and $50s when you go to the can.
Aug 8, 19, 1:58 pm
#9
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So happy to know that at least Calin benefits from me having to suffer through rouge flights to work with my knees pinned to my chest for hours on end. I'm thrilled my lack of comfort can directly contribute to his. Atta boy, Calin! Be sure to use nothing but $20s and $50s when you go to the can.
Aug 8, 19, 2:04 pm
#10
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I sense I am in the minority here, but I don't really care what he makes. CEOs for large public companies come with high price tags and are able to negotiate some serious compensation. Add to that the change in the price of AC stock over the last 10 years, or even just the last 2, and Calin has some pretty good leverage.
Not sure it's fair to assume he's giving the bare minimum to charity, or only what benefits him. There are a lot of people who give huge amounts of money to charity because they believe it he right thing to do.
Not sure it's fair to assume he's giving the bare minimum to charity, or only what benefits him. There are a lot of people who give huge amounts of money to charity because they believe it he right thing to do.
Aug 8, 19, 2:07 pm
#11
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Couldn't agree more. Every successful company on earth charges as much as they possibly can for the least amount of return to the customer as possible. Let's not pretend it's unique to Air Canada or airlines in general.
Aug 8, 19, 2:08 pm
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So happy to know that at least Calin benefits from me having to suffer through rouge flights to work with my knees pinned to my chest for hours on end. I'm thrilled my lack of comfort can directly contribute to his. Atta boy, Calin! Be sure to use nothing but $20s and $50s when you go to the can.
Aug 8, 19, 3:26 pm
#13
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Back to Calin’s salary, well, good for him.
Aug 8, 19, 4:26 pm
#14
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Regardless of what one thinks of the compensation, which is in fact stock options that are tied to share performance, the present CEO of AC has taken a company that was a serious basket case and turned it into a relatively high performing airline that has negotiated labour peace with its unions, corrected serious underfunding of its pension scheme, expanded internationally so that it flies to every inhabited continent, replaced both the wide body and narrow body fleet (well almost), enhanced the service to its premium customers and frequent fliers, and created incredible value and returns to its shareholders. They recently had their credit rating raised to double BB plus (one below investment grade). Whether one likes, or more likely dislikes, how economy fliers are treated, they have done what every other airline has done, and in many cases, more successfully when it comes to the bottom line and share performance. This is certainly largely due to his performance as CEO.
Last edited by EdmFlyBoi; Aug 8, 19 at 7:44 pm
