News
CEO salary drops

The plight of pulp and paper companies is being reflected in CEO salaries.

The plight of pulp and paper companies is being reflected in CEO salaries.

According to a report by the Montreal Gazette, Abitibi-Consolidated CEO John Weaver’s bonus underwent a substantial slashing. On top of the $1.35 million he received in salary, Weaver took in an additional $487, 688, down from the $546,750 he received in 2004. However, as the Gazette highlighted, in 2004, the company lost $36 million, a far cry from the $350 million loss it suffered in 2005.

Weaver was also granted 425,000 additional stock options by the company’s board of directors. According to the report, this now brings his total holdings to three million stock options.