Calgary Alberta - Keith Creel, Canadian Pacific Railway's president and CEO, regained his place as Calgary's highest-earning executive in 2021, collecting more than $26.7 million in salary, shares, and incentives.
 
Boosted by almost $15 million in share-based awards, it marked an almost $10 million jump in total compensation for the railway boss who oversaw the company's purchase of Kansas City Southern last year.
 
Creel leapfrogged Enbridge CEO Al Monaco, who dropped to second spot with just over $19 million, according to Postmedia's annual survey of executive compensation at Calgary's top 100 publicly traded companies, compiled by Global Governance Advisors.
 
Creel last topped the annual list for 2017 after he took over from Hunter Harrison as chief executive of the Calgary railway.
 
Creel's pay boost in 2021 provides the railway with needed security through the Kansas City Southern purchase, with much of his compensation tied to shares aimed at retaining his leadership.
 
"There is a confidence and a belief in Keith Creel, in his ability to lead the company, and to lead that integration of Kansas City Southern," said Peter Landers, senior partner of Global Governance Advisors.
 
"I think that is why you are seeing the need to pay him a little bit more to make sure he's retained over the last five years."
 
Creel earned about $1.5 million as a base salary, $22 million in shares and options, and another $2.3 million in annual incentives.
 
His pension increased by $607,541 and he cleared another $237,237 in other forms of compensation.
 
The overall compensation package represents a 59 percent increase year-over-year.
 
"The rail industry continues to see significant change at the executive level as other railroads look to recruit key leaders and operating talent," CP spokesperson Salem Woodrow said in an emailed statement.
 
"CP believes the amendments to Mr. Creel's agreement are in the best interest of shareholders and will work effectively to retain CP's industry-leading CEO for the next several years."
 
This retention was deemed critical despite a negative total share return for investors in 2021 of 0.4 percent and a drop in share price of 0.79 percent.
 
Arden Dalik, a senior partner for Global Governance Advisors, did say there is some risk in having a celebrity CEO like Creel.
 
If such a high profile CEO leaves a company, it makes the company vulnerable.
 
"That name attracts a lot of confidence and a lot of investment speculative dollars," she said.
 
The average compensation for the top 100 executives in Calgary was $1.76 million, according to Global Governance Advisors data.
 
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