TTC CEO saw compensation jump by 21 per cent in 2021, despite revenue shortfall

The head of the TTC was paid an additional $77,000 in 2021, despite a pandemic-related revenue shortfall that has seen the transit agency reduce service and temporarily lay off some workers.

CEO Rick Leary earned $438,495.91 in 2021, according to Ontario’s “sunshine list” released last week.

His compensation in 2021 equates to a 21 per cent increase from 2020 and 2019 when he earned approximately $361,000.

It is also more than 26 per cent more than his predecessor, Andy Byford, earned during his last year on the job in 2017.

In a statement provided to CTV News Toronto, TTC board chair Jaye Robinson pointed out that Leary’s salary was adjusted based on the terms of his contract as well as “an industry-wide scan of comparators to ensure that the compensation remains competitive.”

She also stressed that it “is not a single-year increase” and includes back pay from 2018-2021.

“The TTC is the largest transit system in Canada and the third largest in North America,” she said.

Leary’s salary in 2021 still paled in comparison to the $838,960.91 earned by Metrolinx CEO Phil Verster, whose compensation was up 12 per cent from one year prior.

But, nonetheless, TTC board member Shelley Carroll told CTV News Toronto that the scale of the increase should be discussed by the board behind closed doors.

“Costs are going up, yes they are. But costs going up for someone who earns $60,000 a year has a huge impact. Costs for someone who is already earning $350,000 a year, I don’t think a change in the price of bread affects that person quite as much. So this deserves a bigger review and that is something I will be looking for,” she said.

The TTC is projecting a $487.2 million revenue shortfall in 2022 as it continues to grapple with a significant reduction in ridership that has resulted from the COVID-19 pandemic.