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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 149,837,500
Close 2016-04-08 C$ 45.96
Market Cap C$ 6,886,531,500
Recent Sedar+ Documents

Globe says SNC's ex-boss Card to get $9.2M parachute

2016-04-11 07:34 ET - In the News

The Globe and Mail reports in its Saturday edition that Robert Card, the American who helped steady SNC-Lavalin Group as chief executive officer after a crippling corruption crisis, has negotiated a $9.2-million "departure arrangement" with the company. The Globe's Nicolas Van Praet writes that Mr. Card will stay on as a paid adviser until the end of the year. Regulatory filings also reveal that SNC slashed its senior management group to 11 people from 21 and paid out $15.6-million combined to the departing executives. The compensation details are contained in the company's management proxy circular, filed Friday. They underline both the continued value of Mr. Card to the organization, as well as a new effort under way by his replacement, Neil Bruce, who was appointed CEO on Oct. 5, 2015, to shift the focus from crisis management to improving profit. "To his credit, [Mr. Card] stabilized the ship," said Michel Magnan at Montreal's Concordia University. "But the performance is still erratic in terms of the earnings and this is what is very troubling right now." Mr. Card was brought in as CEO in October, 2012, following the shocking arrest of his predecessor, Pierre Duhaime, on fraud charges.

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