Pierre Duhaime To Get Departure Package From SNC-Lavlin
Post on 04,April 2012   10:00 AM
By - PolyEyes Staff
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Montreal,Apr,4: SNC-Lavalin a Geological consultancy organization has decided to compensate its former CEO Pierre Duhaime nearly $5 million as a golden handshake after relieving him of his duties in March.

Pierre Duhaime, 57, will remain an SNC employee until June 27 wethout having any responsibility, the Montreal-based company said in a regulatory filing ahead of its AGM.

"The board of directors was careful to consider a range of factors in structuring the terms and conditions for the former president and CEO's departure," said the proxy circular.

SNC-Lavalin said Duhaime was taking his retirement after he was "relieved of his duties" for approving $56 million in payments to undisclosed agents, breaching the company's code of conduct.

His departure compensation includes the payment of $1.9 million in salary continuance over two years beginning in June.

He will also get the $115,500 in benefits, $55,000 in professional development and transition assistance.

SNC-Lavalin said Pierre Duhaime's total compensation last year was $2.7 million, half the $4.8 million total in 2010.

Last year's value included a base salary of $950,000 which increased 62 per cent from when he became CEO in 2009.SNC-Lavalin's Interim CEO Ian Bourne will earn the same base salary of $950,000.

 


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