Nadir Mohamed is entitled to receive a retirement package worth roughly $18.51-million when he steps down as chief executive officer of Rogers Communications Inc. early next year.
The Toronto-based cable company revealed that estimate in its proxy circular, which was filed with securities regulators late Thursday afternoon. Although the proxy provided that ballpark figure of Mr. Mohamed’s entitlement once he retires, he may not receive it all in January.
His retirement package includes several components, including $5.54-million in cash; stock options worth $6.15-million; and restricted share units valued at $6.81-million. The document also noted the package’s total reflects a $2.07-million change in pension value due to the CEO’s retirement.
Following press inquiries, Mr. Mohamed announced late at night on Feb. 14 that he planned to leave his post in January, 2014, about five years after taking over for company founder Ted Rogers. He had initially joined Rogers in 2000 as its chief operating officer before being named to the top job following the death of Mr. Rogers in December, 2008.
The company has begun “an international search” for his replacement but provided no update as part of its proxy circular. Mr. Mohamed has previously stated that an update is forthcoming later this year.
“Mr. Mohamed agreed with the Board to the extended retirement date of January, 2014 (or earlier if mutually agreed), to continue to lead the company in 2013 and to work with the Board on the selection process during the transition period,” said the company’s proxy circular.
His total compensation for 2012, meanwhile, amounted to $8.2-million, up slightly from $8.18-million in 2011. Rogers is scheduled to hold its annual meeting of shareholders in Toronto on April 23.