Members of the executive team that bulked up Algoma Steel last year with hundreds of millions of dollars in fresh financing and a vision for green steel, are personally collecting a pretty penny for their efforts.
The salaries and bonuses reported by Algoma were earned during the 12-month period ended March 31, 2022. "As part of the business transformation, Michael Garcia’s position of president, pulp and paper division was eliminated from the organization effective Jan. 4, 2021 as part of the corporation's move to a leaner, lower-cost management structure that is better suited to current needs," Domtar said in a proxy statement filed with the U.S. Securities Exchange Commission.
At Algoma, Garcia's predecessor McQuade earned $25 million in total compensation for the fiscal year, including $904,151 in base salary, plus a $1.5 million annual incentive bonus and $22.6 million in share-based awards.Garcia's remuneration at Algoma has not yet been made public, but regulatory filings show the securities he beneficially owns or controls are worth $3.4 million.
Rajat Marwah, Algoma's chief financial officer, had total compensation of $7.6 million including a $384,431 salary, $427,871 bonus and $6.8 million in share-based awards.
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