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Canada: Sears managers, executives get $9.2M in bonuses while thousands laid off

Canada: Sears managers, executives get $9.2M in bonuses while thousands laid off

Julio 17, 2017

Autor/Fuente: Globalnews.ca 👤Periodista: María Alejandra Lopez 🕔17.Jul 2017

 

 

While 2,900 Sears Canada employees are losing their jobs, benefits and pension plans, the company’s CEO and senior managers are getting bonuses.

The managers are receiving retention bonuses over the next few months, under Sears Canada’s Key Employee Retention Plan (KERP). It was approved by the Ontario Superior Court this week.

The retail chain will pay up to $9.2 million in retention bonuses to 43 executives and senior managers and 116 store general managers. The managers have to remain with the company for four months to get the full bonus.

For example, the CEO will be paid a retention bonus of $50,000 for two months in addition to his salary.

However, managers will receive an instalment of the bonuses after 45, 90 and 180 days, regardless of whether “key performance indicators have been met,” the documents said.

 

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