Dollarama founder Larry Rossy’s compensation surged 125 per cent to $3.74-million last year, according to a regulatory filing ahead of the discount retailer’s annual meeting in June.
The 71-year-old CEO’s total compensation was up from $1.66-million in 2012 and $2.4-million in 2011.
His salary increased 46 per cent to $750,000. He also received option-based awards valued at nearly $2.3-million and a $701,250 bonus.
Rossy owns 4.4 million Dollarama shares or 6.46 per cent of the company, valued at $370-million based on the closing price of $84 on Jan. 31. He also had 200,000 options worth $810,000.
His holdings are worth even more today as the Montreal-based company’s shares traded at $91.39 Monday, up 97 cents on the Toronto Stock Exchange. In the past year, they have gained more than 25 per cent.
Rossy has presided over one of Canada’s best-performing retailers, despite increased competition from U.S. giants Wal-Mart and the arrival in Canada of Target.
For fiscal 2013, Dollarama’s annual sales surpassed $2-billion, rising nearly 14 per cent from $1.86-billion the previous year when it benefited from an extra week of business. Earnings for the year were $250.1-million or $3.47 per diluted share, compared with $221-million or $2.94 in 2012.
Chief financial officer Michael Ross received $1.76-million in compensation last year, while chief merchandising officer Neil Rossy, 44, received $1.89-million.
Metro Inc. executive Johanne Choiniere was recently hired as chief operating officer to replace Stephane Gonthier, who left last fall to head California-based 99 Cents Only Stores.
Dollarama was founded as a privately held chain in 1992, with U.S. private equity fund Bain Capital buying 80 per cent of the company in 2004 for $850-million (U.S.). It went public in 2009. The Caisse de dépôt et placement du Québec owns 4.37 million shares or 6.41 per cent.
It is the largest dollar-store operator in Canada, with 874 locations in all provinces that sell products for up to $3.Report Typo/Error