13:18:00 EDT Sun 28 Apr 2024
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Aurora Cannabis Inc (2)
Symbol ACB
Shares Issued 366,542,893
Close 2023-07-20 C$ 0.68
Market Cap C$ 249,249,167
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Globe says Aurora rewards CEO despite lousy performance

2023-07-21 07:51 ET - In the News

The Globe and Mail reports in its Friday edition that Canadian medical and recreational marijuana producer Aurora paid its chief executive officer $6.7-million in its last fiscal year -- 38 per cent more than he earned the year prior, despite the company's shares losing nearly half their value in fiscal 2023. The Globe's Tim Kiladze writes that Aurora's fiscal 2023 also lasted only nine months, to March 31, because of a change to its earnings reporting schedule. CEO Miguel Martin joined Aurora in September, 2020, and over the past three fiscal years he made $16.1-million in total compensation. Over the same period, Aurora lost a combined $2.6-billion, a sum that includes non-cash impairment charges. In fiscal 2023, nearly 40 per cent of Mr. Martin's compensation came from a $2.5-million retention bonus paid in the form of restricted share units. Now 68 cents, Aurora shares at their peak in 2018 traded around $164 apiece. Only a few quarters after legalization, investors started to question when cannabis players would become profitable. Soon after, investors started to abandon the sector. Many producers brought in new management regimes to turn things around, but it has been mostly misery for the sector since mid-2019.

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