The Canadian Press - ONLINE EDITION

Two former Transat executives received nearly $2.2 million in departure packages

  • Print

MONTREAL - Two former Transat A.T. executives who left the tour company during a restructuring last year netted nearly $2.2 million in departure packages.

Former chief operating officer Nelson Gentiletti, who left the company in October, received a termination allowance of almost $1.5 million, according to the proxy circular released Monday ahead of Transat's annual meeting March 15.

Overall, Gentiletti's 2011 total compensation was listed at $2.48 million, including a base salary of $456,221, plus various share-based awards and the value of his pension.

However, the company said Monday some of the share-based compensation awarded to him will never be vested so the total value of his pay will be reduced to about $2.1 million.

Once viewed as the heir-apparent to chief executive Jean-Marc Eustache, Gentiletti was shuffled out of the company when Eustache regained operational control and put off retirement plans.

The involuntary termination allowance was included in Gentiletti's contract with the Montreal-based company (TSX:TRZ.B).

Transat Tours president Michael DiLollo's parting package was $730,210. His total compensation wasn't provided.

Eustache earned $1.86 million in compensation last year, down from $2.37 million in 2010.

His base salary increased by 5.4 per cent to $814,200, but he didn't receive a bonus which came to $389,300 in 2011.

In fact, no executives were awarded bonuses last year as Transat lost $12.2 million or 32 cents per share for the 12 months ended Oct. 31.

That compared to an annual profit of $65.6.4 million, or $1.73 per share the previous year.

For the final quarter, Transat lost $4.5 million, reversing a year-earlier quarterly profit of $52.4 million.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Bowman talks "job number one" in News Café interview

View more like this

Photo Store Gallery

  • PHIL.HOSSACK@FREEPRESS.MB.CA Winnipeg Free Press 090528 STAND UP...(Weather) One to oversee the pecking order, a pack of pelican's fishes the eddies under the Red River control structure at Lockport Thursday morning......
  • A goose comes in for a landing Thursday morning through heavy fog on near Hyw 59 just north of Winnipeg - Day 17 Of Joe Bryksa’s 30 day goose challenge - May 24, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Do you support Pimicikamak First Nation's protest against Manitoba Hydro?

View Results

View Related Story

Ads by Google