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Apr 7, 2020

Former SNC-Lavalin CEO took home $7M in 2019 for 5 months of work

SNC-Lavalin CEO: We don't fear going to court

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MONTREAL - Former SNC-Lavalin Group Inc. CEO Neil Bruce earned a full $7 million in 2019, though his tenure came to an end less than halfway through the year.

The company's proxy circular says Bruce, who ceded the top spot to Ian Edwards in June, received a base salary of $1.3 million.

He also took in $4.2 million in share-based awards, a bonus of about $670,000 and "other compensation" of $891,000.

The latter includes a half-million dollars in reimbursement costs to cover Bruce's move from Montreal to the United Kingdom to join his family upon stepping down, aside from a spot on the board of directors that he held until the end of the year.

The document states that Bruce, whose total compensation was $5.4 million in 2018, "did not receive any severance payments as a result of his retirement," adding that his contract was modified on June 11 in the wake of the head office shakeup that day.

Bruce's departure 10 months ago capped off a near four-year stint at the helm of SNC-Lavalin that was marked by a 42 per cent plunge in share price and a political controversy tied to a now-settled corruption case.