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Loblaw CEO Made Bank In 2023

Loblaw Companies (TSX: L) has faced scrutiny after it disclosed the hefty compensation package of its new chief executive, Per Bank, totaling $22.1 million for the year 2023. Bank, who assumed the role on November 1st, received a one-time $18 million award to replace forfeited compensation from his former employer, Denmark-based retailer Salling Group.

The package breakdown revealed Bank’s $1.315 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. Despite his brief tenure, Bank received approximately $3.75 million for his first 60 days on the job, alongside additional benefits including rent coverage and tax equalization payments.

You can read more on the matter here.

What’s going on?

• Florida Supreme Court Clears Recreational Marijuana Initiative for November Ballot (theDeepDive)

• Canadian Cobalt Refiner Agrees to Buy Supply From Congo Mine (Bloomberg)

• Lawmakers Introduce Bill to Crack Down on Shrinkflation Tactics (theDeepDive)

• Israeli airstrike kills 7 aid workers in Gaza, Netanyahu says it was 'unintentional' (Reuters)

• Russia’s Central Bank Turns to Chinese Yuan for Reserves Amid Sanctions (theDeepDive)

• Disney board seat for Nelson Peltz hinges on Vanguard, State Street, institutional investors (CNBC)

• Nuclear: South Korea Extends Life On 10 Reactors, France Initiates New 1650MW Plant (theDeepDive)

• Facebook Secretly Intercepted Snapchat’s Encrypted Traffic to Gain Competitive Edge (theDeepDive)

• A pipeline to send water to southern Alberta? Ideas float to the surface in times of drought (CBC)

• Advertisers Sue Meta For $7 Billion Over Alleged Inflated Reach Metrics (theDeepDive)

What’s the latest?

• Oil Up: U.S. crude futures reached $85 a barrel in New York for the first time since October, supported by OPEC+ supply cuts and a positive consumption outlook for the year. The increase, which saw West Texas Intermediate futures rise by up to 1.6%, is also influenced by conflict in the Middle East prompting global shipping to reroute around Africa for safety.

• Tesla Tumbles: Tesla Inc. reported a year-over-year decline in vehicle deliveries for the first time since the early stages of the COVID-19 pandemic, with 386,810 vehicles delivered in the first quarter of 2024. This figure falls significantly short of the average analyst estimate of 449,080 vehicles and is below the 422,875 vehicles delivered in the same period a year ago.

• Trump Bond: Donald Trump has posted a $175 million bond to temporarily halt the enforcement of a $454 million civil fraud penalty while he appeals the verdict. The penalty was imposed for misrepresenting his assets to secure better loan terms. This bond, arranged by Knight Specialty Insurance Co., allows Trump to avoid asset seizure by New York state temporarily.

• First Home Incentive: In its first year, the First Home Savings Account (FHSA), a program designed to assist Canadians in saving for a down payment on their first home, saw over 500,000 sign-ups. Launched on April 1, 2023, the FHSA offers tax-deductible contributions up to $8,000 annually, with a total limit of $40,000, and tax-exempt interest.

• GE Split: General Electric has completed its transformation into three separate companies, concluding a significant restructuring aimed at revitalizing the conglomerate that faced numerous challenges in recent years. The aerospace and energy businesses have begun trading on the New York Stock Exchange, following the earlier Nasdaq debut of its healthcare division.

Uranium and gold in Saskatchewan

The stock market and stuff

• Nuvei To Go Private In $6.3-Billion Buyout Deal (theDeepDive)

• Tesla Tumbles In Pre-Market Trading Following Weak Q1 Production, Delivery Figures (theDeepDive)

• UBS launches new $2 billion share buyback (Reuters)

• HSBC Completes $10B Sale of Canadian Unit to Royal Bank of Canada (theDeepDive)

• Google Expands Crypto Wallet Search to Include Bitcoin, Major Blockchains (theDeepDive)

In the juniors

• Cytophage Reports Early Success In Single Subject Clinical Trial (theDeepDive)

• First Phosphate Drills 15.01% P2O5 Over 7.6 Metres At Begin-Lamarche (theDeepDive)

• Iamgold pours first gold at Côté project in Ontario (SA)

• Kinross Gold’s Great Bear Project Undergoes Federal Impact Assessment (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.