The chief executive officer of National Bank of Canada pocketed more than $10 million last week after exercising his stock options, according to a Globe and Mail report.
It was stated that Louis Vachon, president and CEO of National Bank of Canada, sold 283,840 shares at an average price per share of $71.65 between December 03 and 07 while receiving 283,840 shares at $34.34 per share during the same period – roughly translating to net proceeds exceeding $10 million, minus transaction fees.
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Two weeks ago, National Bank reported that its net income had dropped to $492 million in the fourth quarter of this year compared to $604 million in Q4 of the year prior. However, the bank also reported that total revenue for the year ending October 31 increased by 7% to $7.9 billion compared to the $7.4 billion during the same period last year – a performance Vachon called “very satisfactory” given the economic impact of the COVID-19 pandemic.
“Over the last year, the world went through extremely challenging times,” Vachon said. “In this exceptional context, the performance of the bank was very satisfactory. Our overall performance during the pandemic has confirmed that we have made the right strategic choices in terms of risk management, capital allocation, and business mix.”