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AC CEO compensation jumps nearly 77%


Kip Powick

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MONTREAL—Air Canada chief executive Calin Rovinescu’s total compensation jumped nearly 77 per cent to $4.6 million last year.

The head of Canada’s largest airline earned $2.6 million in 2009 after becoming CEO on April 1, Air Canada said in its proxy circular to shareholders.

Included in last year’s total were “milestone payments” totalling $150,000 for each quarter in 2010, as prescribed in his contract.

If he remains on the job on March 31, 2012, Rovinescu will also be able to access a $5 million retention payment. That amount was included in his original 2009 contract.

In addition to $3 million in cash Rovinescu obtained last year, he also received $1.4 million of Air Canada shares and $156,400 of retirement benefits.

The total remuneration of the airline’s four top executives slightly increased in 2010 compared with the previous year.

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Couple that with the bonuses given to Managers lower down the food chain & it's bloody ridiculous.

What ever happened to paying a Manager a decent salary...do a good job...and you get to remain gamefully employed.

Talk about taking value out of a company.

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Couple that with the bonuses given to Managers lower down the food chain & it's bloody ridiculous.

What ever happened to paying a Manager a decent salary...do a good job...and you get to remain gamefully employed.

Talk about taking value out of a company.

It's been a while since I was a manager at AC, but the pay was brutal. I had to take a pay cut from a Lead Stat position to do the job.

There was less base pay and no overtime pay... and overtime was a guarantee almost daily (ie. work extra shifts to cover vacations/sickness/travel, consistently work 10-11 hours on an 8 hour shift, come in on days off for meetings, etc...). I did it in 3 bases and it was the same story in all 3.

Not sure if it's the same now, but back then, IAM members (and CAW i think) got a 10% bump when performing an acting management role. At times, I'd have to laugh at the fact that a Lead Stat on an upgrade was making in some cases $6/hr more than me to do the same job.

I've been offered positions at AC since I left, but the pay for management position isn't even worth considering IMHO.

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It's been a while since I was a manager at AC, but the pay was brutal. I had to take a pay cut from a Lead Stat position to do the job.

There was less base pay and no overtime pay... and overtime was a guarantee almost daily (ie. work extra shifts to cover vacations/sickness/travel, consistently work 10-11 hours on an 8 hour shift, come in on days off for meetings, etc...). I did it in 3 bases and it was the same story in all 3.

Not sure if it's the same now, but back then, IAM members (and CAW i think) got a 10% bump when performing an acting management role. At times, I'd have to laugh at the fact that a Lead Stat on an upgrade was making in some cases $6/hr more than me to do the same job.

I've been offered positions at AC since I left, but the pay for management position isn't even worth considering IMHO.

Hello Serte,

Things have changed quite a bit...

Take the offer! It'd be nice to have a new CSM with Lead experience....hell, it'll be nice to have one with RAMP chops.

Cheers.

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