$36.8 Million … need I say more?
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Lured out of retirement, by a $36.8 M package, Suncor’s Rich Kruger was Alberta’s top-paid executive in 2023.
https://calgaryherald.com/business/suncor-rich-kruger-alberta-top-paid-executive-2023
Stock Prices Year-to-Date (April 25):
Cenovus +31.7%
Imperial Oil +25.8%
Suncor +25.3%
CNRL +20.2%
Suncor invested $15 million in Lanzajet SAF.
Suncor invested $36.8 million in Kruger.
https://www.theglobeandmail.com/amp/business/article-suncor-ceo-pay-richard-kruger/
He’s a horrible CEO. He’s not worth that much at all. First of all he’s done absolutely nothing revolutionary for Suncor. Did he invent a new petrochemical or engineer anything for low cost production? Nope, he’s not a rocket scientist and has done nothing special that warrants that kind of pay in fact he has slashed the funding for these new processes and what is necessary for Suncor’s future. He’s taking the company backwards and a long way back. He’s just done significant damage to the critical community for Suncor of Fort McMurray, cut a bunch of jobs, ruined a bunch of lives. And cha-CHING $34 million ! It could be higher with his stock options if oil goes higher. I don’t think what he did had close to no impact on Suncor’s stock price. And it shaved off what $1.00 and some change off the cost of a barrel? But the cost of the collateral damage done to the company, Albertans, and Fort McMurray is much higher. All while the price of oil sits high.
It is like their is this cognitive dissonance that does not allow people to see the connect between this behaviour and the ability to retire earlier and better off. It is just a gradual trickle up of the wealth from the working class to the middle class to the rich. Don’t like it when people get laid off like this? Then you will have to accept working longer and having a smaller retirement.
My package was $70k
I do believe the previous Suncor CEOs were getting like $9-11 million per year. Freddie comes in with the win with his blood bath approach to running the company.
Let’s do the sla-ghter math. Assuming 1500 laid off $24.5k, but we know the true number of layoffs is pushing towards 2000. Nonetheless Freddie is making around $20,000 per employee laid off. That’s why he wanted to push it as far as he could all he visions is dollars in his pocket for laying people off.
There isn’t anyone at Suncor known to me that respects this current CEO, not among those who are still around or those laid off. Everyone is just sick to their stomach about Freddie and what he did to the place and Albertans.
It is $24.5K for each laid-off employee.
More than $2k per each of us. Should be $1k max base on his performance.
He is “milking” it pretty good
Stock Price Increase (one month):
Cenovus +15.7%
CNRL +15.2%
Suncor +8.6%
The rich get richer …
https://www.theglobeandmail.com/business/article-suncor-making-changes-to-its-philanthropic-arm-decreasing-non-profit
One time payments of over 20M due to him forfeiting his long term incentives from imperial oil. But yes, optics look terrible after 2000 laid off.
Winning!