The chief executive officer (CEO) of Aurora Cannabis (ACB) saw his annual compensation rise 40% to $6.7 million over the last year at the same time as the company’s stock plunged 63% to trade at just $0.67 per share.
Miguel Martin, the CEO of Edmonton-based Aurora Cannabis, earned a base salary of $590,500 and $3.8 million in share-based options, plus nearly $1.1 million in option-based pay awards and $1.2 million in other incentives.
In all, Martin earned $6.7 million over the last year, up 40% from $4.8 million in compensation the previous fiscal year.
In an e-mailed statement published by Canadian media outlets, Aurora Cannabis said the company uses a “pay-for-performance” method to determine its CEO’s compensation, and that the millions Martin received is linked directly to Aurora's share price and corporate performance.
Yet Martin's increased compensation came as Aurora's share price fell more than 60% in the last 12 months. Over the past five years, the company’s shares have declined 99% and now trade deep down on the penny stock league tables.
Hampered by poor sales and weak demand for its products, Aurora Cannabis continues to struggle. Over the last three years, the company has cut more than $400 million in costs, eliminating jobs in the process.
