Air Canada chief executive Calin Rovinescu enjoyed a leap in total compensation to $11.5-million last year, up 28 per cent from $9-million in 2017.
Total compensation for the carrier’s top six executives reached $24.9-million in 2018, a 24-per-cent jump from $20.1-million the year before, according to the proxy circular ahead of Air Canada’s May 6 annual meeting.
Rovinescu’s direct compensation amounted to $8.9-million, with a raise to $10.4-million planned for 2019.
The direct compensation comprised a base salary of $1.4-million, share-based and option-based awards of $5.6-million, and a pension value of about $1-million.
Rovinescu, who has headed the Montreal-based airline since 2009, also received a bonus of $3.5-million.
The pay bump came amidst record revenues of $18.07-billion in 2018, despite a plunge in net income to $167-million from $2.03-billion a year earlier.