Remuneration of Agropur bosses increased by 12%

Remuneration of Agropur bosses increased by 12%

Compensation for bosses at Quebec dairy giant Agropur rose nearly $1.7 million, or 12%, from $14.5 million in 2022 to $16.2 million last year, according to data released today Annual report of the dairy cooperative.

The main executives of Agropur are the members of the board of directors (13 seats plus three invited members) and the nine people on the board.

This data was released today during Agropur’s annual general meeting in Drummondville, which is closed to journalists.

The CEO of Agropur at the headquarters in Saint-Hubert.

Provided by Agropur

More than $2.3 million in sales

On the board, salaries and executive fees rose from $1.8 million in 2022 to more than $2.3 million last year. This is an increase of $500,000 or 28%.

Board salaries, incentive compensation, post-employment benefits and other increased 3%, or $400,000, from $11.9 million to $12.3 million.

The severance payment increased from $829,000 to $1.6 million.

Last December, Le Journal reported that Agropur had laid off 13 executives and administrative staff at its headquarters in Saint-Hubert.

“We don’t have to do it”

In an interview with the Journal on the sidelines of the meeting, the CEO of the Agropur cooperative, Émile Cordeau, did not want to reveal his salary.

“We don’t have to do it and we find that we disclose enough information in the notes to the financial statements,” he said.

“Management is up about 3%, which is below inflation,” he said of his organization’s pay raises.

Departures, resumption of face-to-face activities, revision of their remuneration explain the salary increases, observed the number 1 of Agropur.

Profit increases

Agropur’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached $546 million last year, up 4.7% compared to fiscal 2022.

Agropur will pay members rebates and repurchases of shares and debt securities worth $50 million.

Agropur was founded in 1938 and has almost 3,000 members and 7,500 employees. The company has 30 factories in Canada and the United States with sales of $8.2 billion.

The CEO of Agropur at the headquarters in Saint-Hubert.

Provided by Agropur

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