Tuesday, July 7th33.6°C
26667

Rogers CEO to leave with $18.5M

Nadir Mohamed, the outgoing CEO and president at Rogers Communications Inc. (TSX:RCI.A), is entitled to a retirement package worth $18.5 million when he leaves the telecom giant next year.

In documents filed late Thursday to securities regulators, Rogers says the package includes $5.5 million in cash, nearly $6.2 million in stock options and $6.8 million in restricted share units, which are non-transferable company stock.

The proxy circular also says the pension value of the package is $2.07 million less due to Mohamed's retirement.

It also notes that Mohamed has also agreed to a non-compete clause for 12 months from the date he steps down.

Last month, Rogers announced that Mohamed was leaving in January 2014, but would continue to lead the company through 2013.

The company said Mohamed has "agreed with the board to the extended retirement date of January 2014 -- or earlier if mutually agreed -- to continue to lead the company in 2013 and to work with the board on the selection process during the transition period.

Mohamed joined Rogers in August 2000 and, after heading the wireless division for several years, became CEO in March 2009 when he succeeded founder Ted Rogers.

In 2012, Mohamed made $8.21 million, a combination of his $1.2 million salary and various stock- and option-based awards. That marked an increase from $8.18 million in 2011.

The Canadian Press


Read more Business News

26755


Recent Trending




Today's Market
S&P TSX14624.50+30.93
S&P CDNX652.83-10.50
DJIA17776.91+93.33
Nasdaq4997.46+5.52
S&P 5002081.34+12.58
CDN Dollar0.7863-0.0043
Gold1153.50-19.40
Oil53.61+0.48
Lumber281.70-2.00
Natural Gas2.728-0.028

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50-0.02
Cantex0.05+0.02
Anavex Life Sciences0.53+0.01
Metalex Ventures0.065-0.010
Russel Metals22.58+0.19
Copper Mountain Mining1.04-0.05
Colorado Resources0.09+0.01
ReliaBrand Inc0.0065+0.0005
Sunrise Resources Ltd0.03-0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.00

 



25354

FEATURED Property
2331912Shuswap Falls RV Resort
$107,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_



26376




Member of BC Press Council


26906