TORONTO - Nadir Mohamed, the outgoing CEO and president at Rogers Communications Inc. (TSX:RCI.A), is entitled to a retirement package worth $18.5 million when he leaves the telecom giant next year.
In documents filed late Thursday to securities regulators, Rogers says the package includes $5.5 million in cash, nearly $6.2 million in stock options and $6.8 million in restricted share units, which are non-transferable company stock.
The proxy circular also says the pension value of the package is $2.07 million less due to Mohamed's retirement.
It also notes that Mohamed has also agreed to a non-compete clause for 12 months from the date he steps down.
Last month, Rogers announced that Mohamed was leaving in January 2014, but would continue to lead the company through 2013.
The company said Mohamed has "agreed with the board to the extended retirement date of January 2014 — or earlier if mutually agreed — to continue to lead the company in 2013 and to work with the board on the selection process during the transition period.
Mohamed joined Rogers in August 2000 and, after heading the wireless division for several years, became CEO in March 2009 when he succeeded founder Ted Rogers.
In 2012, Mohamed made $8.21 million, a combination of his $1.2 million salary and various stock- and option-based awards. That marked an increase from $8.18 million in 2011.