01:59:10 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Empire Company Ltd
Symbol EMP
Shares Issued 149,137,809
Close 2023-12-21 C$ 34.12
Market Cap C$ 5,088,582,043
Recent Sedar Documents

Globe says cybersecurity-hit Empire lowers CEO pay

2023-12-22 08:06 ET - In the News

The Globe and Mail reports in its Friday edition that a cybersecurity breach at Empire, parent of grocery chain Sobeys, reduced executive bonuses and caused a cut in total pay for top executives in its most recent fiscal year. The Globe's David Milstead and Susan Krashinsky write that Empire, which closed its fiscal year May 6, was hit with a cybersecurity breach in November, 2022. It shut down many of the retailer's pharmacy services over a four-day period, and disrupted other operations for about a week, including self-checkout stations and the redemption of gift cards and Scene+ loyalty points. The incident cost the company millions in legal fees, spending to restore software and other costs, which affected its finances through sales declines and reduced operations. Empire is still handling claims under its insurance policies more than a year later, and has estimated the cost of the breach will represent approximately a $32-million impact after insurance recoveries. In March, 2023, chief executive officer Michael Medline said Empire would accelerate its investments in cybersecurity, which were already planned for the years ahead. Mr. Medline saw his total pay for the fiscal year drop 22 per cent to $6.77-million.

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