MONTREAL – The salary of Canam’s founder remained unchanged in his final year as chief executive even though the steel fabrication company lost $32.5 million due to tough market conditions.
Marcel Dutil’s total compensation was $683,700 but his salary remained unchanged at $550,000. His pension value was $133,700, according to a proxy circular filed with regulators ahead of Canam’s April 27 annual meeting.
Dutil, who remains board chairman and the company’s largest shareholder, didn’t receive a bonus or other compensation. The 69-year-old owns 6.8 million shares or a 15.6 per cent stake in the company.
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He is entitled to an annual pension totalling $602,000.
His son, Marc, became CEO in January. His salary increased 4.4 per cent to $470,000 while his annual pension value was $28,300 for a total compensation of nearly $500,000.
Canam’s (TSX:CAM) fourth-quarter profit rose to nearly $3.3 million but the company posted a big loss for 2011.
Annual sales increased more than 20 per cent to $881 million from $732.7 million.
The company’s annual loss reflected red ink on Canam’s BC Place stadium project in Vancouver.
Canam was also affected by weak commercial construction markets in North America.
Canam Group makes construction steel and other products at 25 manufacturing plants and engineering offices in Canada, the United States, Romania, India and China.
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