Keeler wrote: I thought I'd post because queenlash was wondering where his 'family group's' investment was going.
To Europe? nope
Isreal maybe? nope
To California? nope
Colorado? nope
SSL's bank account? yep
Guess waht longs - SSL never really did care about you - but dont you worry, he'll be just fine. Maybe he can start a new company - maybe buy 48North with his payout!
Cosmetics - he thought that's where it's at - low margins, zero profit - you can buy them at Shoppers.
He'll still have lots left over.
Mr. Simon may be relieved to know that his company is not the only one coming under fire over compensation. Some attention is now shifting to Hexo Corp. (HEXO: $2.40) and the generous severance of its departing CEO, Sebastien St-Louis. Hexo announced Mr. St-Louis's abrupt exit yesterday. According to a 2020 regulatory filing, Mr. St-Louis's employment contract entitles him, upon termination without cause, to "a lump sum severance payment equal to two times his then annual salary plus two times any annual incentive amount earned during the previous fiscal year, plus two times any executive cash bonus earned during the previous fiscal year."
For context, Mr. St-Louis's total compensation in the fiscal year ended July 31, 2021, was $11.1-million, which suggests that the above severance payment (while it has a few variables) will be some multiple of that. In that same year, Hexo recorded a net loss of $546-million. While Mr. St-Louis will have to abide by an 18-month non-compete clause, his platinum parachute (golden does not seem to do it justice) will surely take some of the sting out.