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Apr 12, 2019

Air Canada CEO's compensation jumps 28% to $11.5M after record revenue

Calin Rovinescu

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MONTREAL - Air Canada (AC.TO) chief executive Calin Rovinescu enjoyed a leap in total compensation to $11.5 million last year, up 28 per cent from $9 million in 2017.

Total compensation for the carrier's top six executives reached $24.9 million in 2018, a 24 per cent jump from $20.1 million the year before, according to the proxy circular ahead of Air Canada's May 6 annual meeting.

Rovinescu's direct compensation amounted to $8.9 million, with a raise to $10.4 million planned for 2019.

The direct compensation comprised a base salary of $1.4 million, share-based and option-based awards of $5.6 million, and a pension value of about $1 million.

Rovinescu, who has headed the Montreal-based airline since 2009, also received a bonus of $3.5 million.

The pay bump came amidst record revenues of $18.07 billion in 2018, despite a plunge in net income to $167 million from $2.03 billion a year earlier.