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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