Saturday, March 21, 1998
Air Canada boss paid $1.15M
By PETER FITZPATRICK
Transportation Reporter The Financial Post
Air Canada has rewarded president and chief executive Lamar Durrett for a record year.
Durrett was paid a base salary of $537,500 in 1997, a bonus of $550,000 and other compensation of $116,666 that included $29,284 for a mortgage-interest subsidy.
On top of the $1.15 million, he was granted 88,798 options for Air Canada class A nonvoting shares, exercisable at $7.32, and he realized an aggregate value of $55,729 from the exercise of options during the year.
Air Canada shares (ACa/TSE) closed down 20› at $11.70 Friday.
The information is contained in the proxy circular for the airline's annual meeting on May 6 in Saint John, N.B.
In 1996, Durrett was paid $475,628 and a bonus of $341,025. But the company decided to give him a raise after it racked up a record profit of $427 million in 1997.
Durrett took over as president and chief executive from Hollis Harris in May 1996.
The circular also says Canadian Pacific Ltd. chairman, president and chief executive David O'Brien will join the Air Canada board.
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