Canada’s third-largest food retailer, Metro, has had its annual meeting disrupted by shareholders angry at the CEO’s C$28m (US$18m) salary in 2002.
Go deeper with GlobalData
The shareholders, who are mainly independent merchants owning Metro-franchised supermarkets, called Pierre Lessard’s wages “excessive” and “indecent”.
“I don’t know many CEOs in Canada who have cashed in $28m in a year, and $48m over four years,” Guy Pelletier, head of the Regroupement des marchands actionnaires, an association of 70 Metro merchants in Quebec, was quoted by Reuters as saying.
Metro, which has a 32% market share in Quebec and a 7% market chare in Canada, said its earnings were up 16% in the first quarter, on a 7% rise in sales.
In the quarter to 28 December, Metro said it earned $35.3m, up from $30.4m a year earlier.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe company’s sales increased 6.7% to $1.31bn from $1.23bn a year earlier.
Lessard said the company was on the lookout for possible acquisitions outside Quebec.
