Alex Pourbaix, seen in 2019 when he was CEO of Cenovus Energy, moved to the role of the company’s executive chair in 2023. He received $12.84-million from the company in 2022, his last full year as CEO, and $8.11-million in 2023.Turnover at the top can be an expensive proposition for a company – especially if the former chief executive officer sticks around.
Cenovus paid Mr. Pourbaix $8.11-million in 2023, however, including $6.25-million in share and option awards granted 11 days after the transition announcement. The combined pay of $16.78-million was 31 per cent higher than what Mr. Pourbaix made in 2022. Mr. McKay made $7.21-million in 2023, as Canadian Natural scaled back his stock awards in anticipation of his retirement. In 2022, he made $9.03-million.
The company’s 2023 compensation cut way down on the top-level pay, and Mr. Boyd left the executive chair role for a traditional board-chair position at the end of the year. That led to a turnaround in shareholder sentiment: On April 26, Agnico Eagle received 96 per cent of votes in favour. Suncor said in a proxy circular that the award was “a direct replacement of the future compensation forfeited as a result of coming out of retirement to lead Suncor.”