Court Painter in a burst of enthusiastic self interest has hired the same management consultant firm that recommended a 55% compensation increase for Loblaws CEO Galen Weston in 2022.
Court Painter with recent portrait of his new fan Galen
Court Painter went on to say at the top of his voice,”I’m fed up and won’t take it anymore…oops let me rephrase that…I’m fed up and will take…demand more!”, while also announcing his new hire!
Galen Weston got a 55 per cent raise for running Loblaws last year, after management consultants hired by the company his family controls determined he was underpaid. ( Court Painter hurriedly called Galen to find out who the consultant firm was…!)
Regulatory filings for Loblaw Cos Ltd. show that Weston, the scion of one of Canada’s richest families, took in just over $8.4 million in salary, bonuses and stock-based compensation last year as CEO of Loblaws, the grocery chain his family controls.
That was a 55 per cent increase from the just over $5.4 million in total compensation he got in 2021, the year he became president of the company in March. The year before, in 2020, Weston earned $3,549,591 in total compensation from Loblaws.
Ian Lee, an associate professor and free market blowhard of the Sprott School of Business at Carleton University in Ottawa , says that focus on executive compensation is misguided, because it is subject to the same rules of supply and demand that govern any market.
“Whether it’s entertainers, musicians, athletes, artist celebrities like Court Painter or CEOs, there is a supply and a demand, and you pay the market price or you lose them,” he told CBC News in an interview.
Following up on the professor’s words, Court Painter dangled the threat that unless a new compensation package was accepted by his studio he would time travel back to the 17th century when Court Painters were held in high esteem, lived high off the hog and were constantly high!
Source : Excerpts from CBC News
