Shaw CEO gets $4.4 million more in pay while letting go of 2,700 employees
One of Canada’s largest telecommunications companies, Shaw Communications, had a stellar showing this past financial year. The corporation brought in over $700 million in net income during 2019.
Shaw’s executives enjoyed a considerable bump in their pay as a result. CEO Bradley Shaw saw his total compensation jump by roughly $4.4 million up to $12 million. President Jay Mehr received almost $9.2 million last year, an increase of $2 million from the year prior.
The company’s lower-level employees, however, did not reap the same benefits. Shaw Communications has let go of 2,700 of its workers as part of a larger restructuring. The move is expected to clear up nearly $200 million in ‘savings’ for the firm.
Of course, executives at Shaw are rewarded generously. The company’s infamous Supplemental Executive Retirement Plan (SERP), a pension plan for 15 legacy executives, is funded at nearly $500 million. That’s quite a pension for so few people.
It’s business as usual, it seems. Workers are let go to make companies more profitable and the corporate executives feast on the remains.