Galen Weston Made Over $11 Million In 2022 & An Employee Would Need 300 Years To Do The Same

It has been revealed that Galen Weston Jr. made more than $11 million in 2022 for the positions he holds in two Canadian supermarket companies.

He made so much last year that, apparently, a grocery store worker would need over 300 years to earn that same amount of money!

Weston, the chairman and president of Loblaw Companies Limited and chairman and CEO of George Weston Limited, had a total compensation of $11,792,068 in 2022, according to the George Weston Limited Management Proxy Circular that was released in 2023.

Weston earned $8,423,455 of that $11 million in 2022 from Loblaw Companies Limited, which operates Loblaws, Atlantic Superstore, Fortinos, T&T, Real Canadian Superstore, No Frills, Zehrs and more grocery retailers.

That's up from $5,408,363 with the company in 2021 and $3,549,591 in 2020.

The Loblaw Companies Limited Management Proxy Circular put out in 2023 noted that Weston's aggregate actual base salary was $1,296,000 in 2022.

Loblaw paid out 70% of that salary, $907,200, and George Weston Limited paid out 30%, which was $388,800.

Weston received a pay increase in 2022 after a review found that his total direct compensation was lower than the market median and the company's compensation objective.

Catherine Thomas, a spokesperson for Loblaw Companies Limited, told CBC News that Weston's compensation shouldn't be called a raise since the increase from 2021 to 2022 is because he transitioned back to the company full-time in the middle of 2021.

Unifor, the Canadian union that represents 20,000 retail workers, including those at Loblaws, Metro and Sobeys, released a statement about Weston's income after it was revealed what he earned in 2022.

"It is twisted that any analysis can find that billionaire grocery baron Galen Weston needs even more money when Loblaw refuses to pay many of its front-line workers a living wage and continues to deny full-time jobs," said Lana Payne, Unifor's national president.

"I understand the pressures that come with leadership, and you cannot for a second convince me that such an increase for one of Canada's richest people is justified," Payne continued.

According to Unifor, the average grocery worker in Canada earns $18.97 an hour, which works out to an annual salary of $34,525 if they work 35-hour weeks.

So, it would take those workers more than 340 years to make Weston's 2022 earnings of $11.79 million, Unifor said.

"Workers in his stores can't afford the groceries they sell anymore, yet it seems that culturally we are fine with the idea of paying one person the equivalent of generations of workers' wages in one year, every year," said Sharon Walsh, Unifor's retail sector director.

Recently, Weston and other grocery store executives were questioned during a House of Commons committee meeting about food price inflation in Canada.

In response to a question about Loblaw's profits, Weston claimed that a shopper confronted him because she was upset about grocery prices but people didn't believe it.

He claimed that he then explained what has led to high food costs, including inflation and supply chain disruptions.

"And she understood," Weston continued. "She said, 'Okay, I didn't realize that. That's not the way it's being characterized when I read the Globe and Mail or when I read the Toronto Star.'"

Loblaws and other grocery retailers that the company operates have come under fire in recent months for increased prices.

People shared about the prices of products — including a pack of chicken, a tub of cooked rice, packs of yogurt and bulk containers of olive oil — that have gone viral.

Some relief could be on the way as the federal government is planning to give out a one-time grocery rebate to help offset the costs of groceries, and it's expected to benefit as many as 11 million households in Canada.

Payments could range from $225 to $467, depending on if you're a single person with no children, a couple with two children or a senior citizen.

This article's cover image was used for illustrative purposes only.