Air Canada CEO's compensation cut by over half - to $5.8m - due to pandemic

Air Canada CEO Calin Rovinescu was on track to receive around $12.9m in total compensation last year, but the value fell by more than half as the airline's shares stalled due to the COVID-19 pandemic. As of May 4, when the company's share price closed at $17.63 on the Toronto Stock Exchange, the total compensation of its president and chief executive officer was estimated at $5.8m. Remuneration of top executives and board members were included in a proxy circular sent to Air Canada shareholders prior to its virtual meeting scheduled for June 25. Rovinescu, 64, was entitled last year to a base salary of $1.4m. The value of his share-based awards fell to $1.89m from $3.55m, and $3.5m in options were worthless due to a big drop in the share price. His bonus was also cut by more than half, to $1.6m from $3.5m while his pension value was $875,000. The CEO gave up his base salary until June 30. His total compensation was $11.6m 2018.<br/>