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Money Former SNC-Lavalin CEO took home $7 million in 2019 for five months of work

00:50  08 april  2020
00:50  08 april  2020 Source:   msn.com

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SNC - Lavalin Group Inc. is a Canadian company based in Montreal that provides engineering, procurement, and construction (EPC) services to various industries, including mining and metallurgy, oil and gas, environment and water, infrastructure, and clean power.

(Reuters) - Struggling construction and engineering firm SNC - Lavalin Group Inc on Monday withdrew its forecast for 2019 , citing significantly SNC's shares, which have fallen more than 44% in 2019 , fell nearly 8% in morning trade. Montreal-based SNC has been facing a trial in Canada over

a man looking at the camera © Provided by The Canadian Press

MONTREAL — Former SNC-Lavalin Group Inc. CEO Neil Bruce earned a full $7 million in 2019, though his tenure came to an end less than halfway through the year.

The company's proxy circular says Bruce, who ceded the top spot to Ian Edwards in June, received a base salary of $1.3 million.

He also took in $4.2 million in share-based awards, a bonus of about $670,000 and "other compensation" of $891,000.

The latter includes a half-million dollars in reimbursement costs to cover Bruce's move from Montreal to the United Kingdom to join his family upon stepping down, aside from a spot on the board of directors that he held until the end of the year.

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 Formula 1: Short-time employees, cut wages for Brawn, Carey and Co. © LAT Formula 1 boss Chase Carey also waives part of his salary With McLaren, Williams and Racing Point, three UK-based teams already have one Part of their workforce sent on short-time work. Now Formula 1 itself is following suit. Around half of the company's employees were sent on short-time work. The state covers 80 percent of income, with a ceiling of £ 2,500 a month. More than 400 employees work together at the headquarters in London and Kent, where the TV department is located.

Former SNC - Lavalin CEO Pierre Duhaime leaves a Montreal courtroom on Friday, Feb. Five people eventually were charged with corruption for trying to bribe Bangladeshi officials to win the contract for In late November 2018, former SNC - Lavalin vice-president Normand Morin quietly pleaded guilty to

Struggling construction and engineering firm SNC - Lavalin Group Inc on Monday withdrew its forecast for 2019 , citing significantly lower results as it SNC’s shares, which have fallen more than 44% in 2019 , fell nearly 8% in morning trade. Montreal-based SNC has been facing a trial in Canada over

The document states that Bruce, whose total compensation was $5.4 million in 2018, "did not receive any severance payments as a result of his retirement," adding that his contract was modified on June 11 in the wake of the head office shakeup that day.

Bruce's departure 10 months ago capped off a near four-year stint at the helm of SNC-Lavalin that was marked by a 42 per cent plunge in share price and a political controversy tied to a now-settled corruption case.

This report by The Canadian Press was first published April 7, 2020.

Companies in this story: (TSX:SNC)

The Canadian Press

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