Here you will find that Galen Weston made some 8.5 million dollars two years ago. His most recent salary is, I believe, over nine million dollars.
Galen would have us believe that the new minimum wage will put his company in difficulty. Some $190 million per year in extra expense. Let me quote a few parts of that article. Emphasis mine.
“We are flagging a significant set of financial headwinds and the organization is mobilizing all of its resources to see whether or not it can close that gap,” Loblaw chair and CEO Galen Weston Jr. told analysts during a quarterly earnings conference call.
Earlier Wednesday, Loblaw reported a second-quarter profit attributable to shareholders of $358 million, or 89 cents per diluted share, up from its profit of $158 million or 39 cents per diluted share a year ago.
I can, perhaps, be forgiven for thinking that Galen Weston and his company can afford to pay his employees a living wage.
I can, perhaps, be forgiven for suspecting that the $190 million is not a deliberate underestimate. I’ll bet it’s worst possible case.
I can, perhaps, be forgiven for noting that the year over year difference in profit is $200 million, and that’s for a quarter – not the whole year. So they have $610 million extra after covering the minumum wage hike.
I used to like Galen Weston. Oh well. Have a nice day.