Bell Execs Get Big Bonuses Despite Missing Their Own Targets
Now I’m a bit late to this party. But I wanted some time to think about this topic before posting something.
This must make you angry if you’ve recently been fired by Bell via video call. A whole bunch of execs at Bell got serious bonus money. This despite the fact that they missed their own targets. Here’s what The Globe And Mail is reporting:
The company paid chief executive officer Mirko Bibic an annual bonus of $2.96-million as part of a $13.43-million compensation package last year, the company disclosed in its proxy circular to shareholders. His bonus was down slightly from $3.09-million in 2022.
Wade Oosterman, president of Bell Media until his retirement in January, received a bonus of $1.08-million as part of $4.87-million in total compensation. Three other executives in their roles for all of 2023 received bonuses of between $853,470 and $923,400 as part of pay packages between $4.5-million and $6-million.
Here’s the problem with this:
In its compensation disclosure, BCE said it fell short of all three financial targets in its annual bonus plan –revenue, free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). The misses were tiny: For example, BCE had a target of $10.454-billion for revenue, but posted $10.417-billion – a $37-million miss.
So let’s think about this. Bell is basically a regulated monopoly. But Bell missed the above KPI’s. On top of that, if you look at their stock value, it’s down over the last year:
Thus I am trying to figure out why any of these execs deserve bonuses based on all of this. Bell claims that they do this to retain talent. But it really gives the appearance that Bell execs are trying to line their own pockets at the expense of their workers who lost their jobs and Canadians who won’t be getting Bell’s top end services such as Fibe Internet because Bell is mad at the CRTC and the Canadian government. Honestly, if any exec in any other company missed ALL their key performance indicators, they at the very least would not get their bonus money. At most they’d be gone.
Sometimes you just have to shake your head. In disgust.
This entry was posted on April 1, 2024 at 11:05 am and is filed under Commentary with tags Bell. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Bell Execs Get Big Bonuses Despite Missing Their Own Targets
Now I’m a bit late to this party. But I wanted some time to think about this topic before posting something.
This must make you angry if you’ve recently been fired by Bell via video call. A whole bunch of execs at Bell got serious bonus money. This despite the fact that they missed their own targets. Here’s what The Globe And Mail is reporting:
The company paid chief executive officer Mirko Bibic an annual bonus of $2.96-million as part of a $13.43-million compensation package last year, the company disclosed in its proxy circular to shareholders. His bonus was down slightly from $3.09-million in 2022.
Wade Oosterman, president of Bell Media until his retirement in January, received a bonus of $1.08-million as part of $4.87-million in total compensation. Three other executives in their roles for all of 2023 received bonuses of between $853,470 and $923,400 as part of pay packages between $4.5-million and $6-million.
Here’s the problem with this:
In its compensation disclosure, BCE said it fell short of all three financial targets in its annual bonus plan – revenue, free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). The misses were tiny: For example, BCE had a target of $10.454-billion for revenue, but posted $10.417-billion – a $37-million miss.
So let’s think about this. Bell is basically a regulated monopoly. But Bell missed the above KPI’s. On top of that, if you look at their stock value, it’s down over the last year:
Thus I am trying to figure out why any of these execs deserve bonuses based on all of this. Bell claims that they do this to retain talent. But it really gives the appearance that Bell execs are trying to line their own pockets at the expense of their workers who lost their jobs and Canadians who won’t be getting Bell’s top end services such as Fibe Internet because Bell is mad at the CRTC and the Canadian government. Honestly, if any exec in any other company missed ALL their key performance indicators, they at the very least would not get their bonus money. At most they’d be gone.
Sometimes you just have to shake your head. In disgust.
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This entry was posted on April 1, 2024 at 11:05 am and is filed under Commentary with tags Bell. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.