The Globe and Mail reports in its Tuesday, April 2, edition that Loblaw paid its new chief executive officer Per Bank $22.1-million last year, including a one-time $18-million award to replace compensation that he forfeited by resigning from his former employer. The Globe's Susan Krashinsky Robertson and David Milstead write that Mr. Bank took on the top job at Canada's largest grocer on Nov. 1 -- replacing Galen Weston, who remains chairman of the board and Loblaw's controlling shareholder. His package includes a $1.31-million annual salary, a target annual bonus of nearly $2-million and a target of $7.2-million in annual long-term incentives for the current year. Since Mr. Bank assumed his position just two months before the end of the year, he received $438,333 in salary, $910,660 in cash bonus and a prorated grant of stock awards valued at $2.41-million -- a total of about $3.75-million for his first 60 days on the job. In addition, Loblaw paid $150,000 of his rent and tax equalization payments and other benefits valued at $176,771. The sign-on package included $13-million in cash and Loblaw restricted stock valued at $5-million. Mr. Bank previously led Salling Group, a retailer in Denmark.