The big boss of the american chain Lowe’s, which owns the banners, Rona and Réno-Dépôt in Quebec, has bagged the last year a compensation of $ 11.6 million (US $ 16.4 million CDN), a decrease compared to the 2018.
During a year when Lowe’s announced the closure of 34 stores in Canada, eight of which are in Québec, Marvin R. Ellison saw his compensation drop of 18.7 %. She stood at US $ 14.3 million ($20.3 million CAD$) a year earlier.
Layoffs in Quebec
No bonus was paid in 2019 to the one who is the architect of a vast restructuring to close stores under-performing in Canada, the United States and Mexico.
A hundred employees of the office of Boucherville of Lowe’s have lost their jobs at the end 2019.
The notice of annual meeting of Lowe’s indicates that Marvin Ellison has now reached 511 times the median salary of an employee of the company, which stands at 22 748 us dollars per year (or 32 283 canadian dollars).
In January, Lowe’s announced the appointment of an American to the head of Lowe’s Canada, Tony Hurst. The latter, who work in Boucherville, replaces Sylvain Prud’homme, retired in October 2019.
Several sources have already given to the Newspaper that the departure of Mr. Prud’homme was directly linked to the performance of the canadian stores, judged to be poor by Marvin Ellison.
Tony Hurt is a close friend of Ellison, he experienced in the early 2000s Home Depot.
The title of Lowe’s has lost 22,6 % since the beginning of the year. The latest quarterly results of the company were lower than analysts ‘ expectations.