Loblaw CEO Galen Weston’s compensation jumps 55 per cent to $8.4 million

By: Christopher Reynolds and Rosa Saba, The Canadian Press Posted:

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Galen Weston took in $8.4 million in total compensation in the 2022 fiscal year in his role at the head of Loblaw Companies Ltd.

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Hey there, time traveller!
This article was published 05/04/2023 (1274 days ago), so information in it may no longer be current.

Galen Weston took in $8.4 million in total compensation in the 2022 fiscal year in his role at the head of Loblaw Companies Ltd.

Meanwhile, Empire Company Ltd. CEO Michael Medline took in $8.7 million, while Metro Inc. CEO Eric La Flèche earned $5.4 million.

But Weston’s Loblaw compensation isn’t the full picture, as he is also head of the George Weston Ltd. holding company.

Galen Weston, Chairman and President of Loblaw Companies Limited, waits to appear as witnesses at the Standing Committee on Agriculture and Agri-Food investigating food price inflation in Ottawa, Wednesday, March 8, 2023. Regulatory filings show Weston took in $8.4 million in total compensation last year in his role at the head of Loblaw Companies Ltd. THE CANADIAN PRESS/Spencer Colby
Galen Weston, Chairman and President of Loblaw Companies Limited, waits to appear as witnesses at the Standing Committee on Agriculture and Agri-Food investigating food price inflation in Ottawa, Wednesday, March 8, 2023. Regulatory filings show Weston took in $8.4 million in total compensation last year in his role at the head of Loblaw Companies Ltd. THE CANADIAN PRESS/Spencer Colby

His total compensation reached $11.7 million in 2022, a nearly $1.1-million increase from the year before.

While Weston’s Loblaw compensation jumped significantly year over year, a 56 per cent increase compared with smaller increases received by his competitors, he was also promoted to the top leadership role mid-2021, which muddies the comparison between his 2022 and 2021 compensation.

The grocery chain heads have come under increasing scrutiny amid runaway food inflation, telling a parliamentary committee last month that higher prices were not caused by profit-mongering and that their margins on food sales have remained low.

This report by The Canadian Press was first published April 5, 2023.

Companies in this story: (TSX:L, TSX:EMP.A, TSX:MRU)

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