Saskatchewan Wheat Pool’s top manager made nearly $1 million last fiscal year, even as the company set a record for losing money.
Chief executive officer Mayo Schmidt took home a base salary of $787,500, plus $134,188 in tax equalization payments, accrued vacation and a retention bonus, and $11,658 in contributions to a personal Registered Retirement Savings Plan.
But company spokesperson Len Posyniak said the $933,346 Schmidt earned is actually about $400,000 less than last year.
“This wouldn’t be a story in Calgary, Vancouver or Toronto,” said Posyniak, who is vice-president of human resources. “This company is a $3 billion company by way of revenue. We have to compete with similar sized companies (for executive talent).”
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But Hugh Wagner, general secretary of the Grain Services Union, which represents the pool’s unionized workers, said the salary is excessive.
“When this was a $4 billion company the CEO got about a quarter of a million dollars,” he noted.
Wagner said when the pool pleads poverty it must not apply to wages and benefits, noting that Schmidt received a 35 percent increase in his base pay.
Schmidt’s salary, along with the other top four earners, was made public in the company’s annual filings.
His base pay rose from $582,082, but he did not earn bonuses in fiscal 2002 because the corporation did not achieve a level of earnings before interest, taxes, depreciation and amortization that would have triggered a payment.
The other top earners also didn’t receive performance bonuses, although they did get retention bonuses and options to purchase Class B shares:
- Mike McCord, executive vice-president of finance and chief financial officer, $540,049 ($623,102 in 2001).
- William Hill, senior vice-president of the grain group, $398,993 ($339,898).
- Francis Malecha, vice-president of merchandising and transportation, $342,273 ($306,884).
- Percy Crossman, vice-president of operations, $309,386 ($260,902).
Sask Pool lost $92 million in 2002 and $44 million the year before.
Note: Western Producer reporters are members of the Grain Services Union.
