Monty can pull hefty pension (gam)
Bertrand Marotte
MONTREAL -- Jean Monty, who in a surprise move stepped down last week as chairman and chief executive officer of BCE Inc., is eligible for a pension of $1.75-million a year, according to regulatory filings.
Mr. Monty, 54, had 38.3 years of creditable service at BCE and BCE subsidiaries, including Nortel Networks Corp., which he headed before jumping to Montreal-based BCE, according to the 2001 management information circular, sent out to shareholders yesterday.
The circular also says Mr. Monty collected a total of $1.64-million in 2001, including a base salary of $1.3-million, but no bonus.
He was also granted 650,000 shares under the company's stock option program.
He made headlines last year for receiving $24.3-million in 2000 from exercising Nortel stock options, in addition to his salary of $1.2-million.
At the end of 2001, his "pensionable earnings" were $2.5-million, according to the circular released yesterday.
His annual pension payments are not disclosed, but no BCE executive can receive an annual pension of more than 70 per cent of pensionable earnings, which works out to $1.75-million a year for him.
According to the circular, Mr. Monty also held exercisable share options at the end of 2001 worth $8.7-million and 143,994 restricted share units equivalent in value to BCE shares valued at $5.2-million.
Mr. Monty's successor as CEO, Michael Sabia, received a pay package of $761,062 last year, including a salary of $690,000, up from $525,000 a year earlier. The compensation is for Mr. Sabia's then-position as president and chief operating officer of BCE.
Mr. Sabia was also granted 50,000 stock options worth $1.76-million exercisable Dec 31 and held 25,509 restricted share units worth $918,614.
John Sheridan, president of phone utility subsidiary Bell Canada, made more than his boss, Mr. Monty, last year.
Mr. Sheridan collected a total of $1.7-million last year, including a $600,000 salary and $720,000 bonus. He was also granted 200,000 stock options and held 18,132 restricted share units worth $652,939.
Ivan Fecan, president and chief executive officer of BCE's Bell Globemedia unit, also received a bonus -- $367,500, on top of his salary of $700,000. |
