Bombardier CEO Eric Martel saw his compensation rise 13% last year as the planemaker’s financial performance improved significantly.
Mr. Martel was entitled to a salary of $8.66 million last year while he was paid $7.66 million in 2021.
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The executive’s compensation includes a base salary of $1.15 million, a cash bonus of $2.52 million and nearly $3 million in stock.
In 2022, Bombardier reported sales of $6.9 billion, up 14%, and operating income of $538 million, more than double 2021.
stock market jump
Shareholders have benefited greatly from the Quebec company’s recovery. In the stock market, Bombardier’s stock rose 25% as markets fell.
The other highest-paid executives are VP of Aircraft Sales Peter Likoray ($3.68 million), VP of Operations Paul Sislian ($3.15 million), VP of Finance Bart Demosky ($3.11 million) dollars) and Vice President of Human Resources Daniel Brennan ($2.84 million).
Recall that former Bombardier CEO Alain Bellemare left the company in 2020 with a $17 million “severance agreement.” His compensation totaled $10.8 million in 2019 and $13.8 million in 2018, making him the highest-paid boss in Quebec.