R|T: The Retail Times – Shopify executive paid more than Tobi Lütke and Harley Finkelstein

Plus: Lightspeed’s Dax Dasilva relinquishes interim CEO title and puts EBITDA in the green.

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Shopify’s executive earned $76 million in 2023, which far exceeds the CEO’s salary

Shopify’s highest-paid executive is a relatively new face on the executive team: Kaz Nejatian, chief operating officer since September 2022, who has earned $116.7 million over the past three years.

This figure includes $76 million in total compensation in 2023.

The pay, which comes primarily from stock awards and options, is almost double that of CEO Tobias Lütke, which was $60 million from 2021 to 2023, and almost five times the amount that CEO Harley Finkelstein received, at $24.9 million dollars.

(Globe and mail)

Lightspeed shares rise as Dax Dasilva remains flat and posts positive Q4 earnings

Montreal-based Lightspeed Commerce surged 15 per cent on the Toronto Stock Exchange at the market open on Thursday, after reporting strong year-over-year revenue growth in the fourth quarter and announcing that founder Dax Dasilva would remain as its permanent CEO.

Dasilva said a strong fourth quarter brings Lightspeed into the new fiscal year with a renewed sense of energy and purpose, and that he is excited to lead the company through its next phases of sustainable and profitable growth.

(BetaKit)

Untangling the thread

Shareholders of the Canadian clothing empire must soon decide whether former CEO Glenn Chamandy is the right man for the future – and assess his past, including allegations of workplace harassment in Central America.

On December 11, Gildan’s board shocked the market by announcing that Mr. Chamandy had “left his position” as CEO after 20 years in the role. Vince Tyra, former president of Fruit of the Loom and former CEO of clothing distributor Broder Bros., took over the acquisition. What.

(Globe and mail)

Gatik raises C$41 million from Isuzu Motors as it expands autonomous truck partnership

Autonomous trucking startup Gatik AI and Japanese commercial vehicle maker Isuzu Motors have teamed up to develop and produce autonomous trucks. As part of this transaction, Isuzu made a C$41 million (US$30 million) equity investment in Gatik.

The two intend to work together to build a new vehicle frame or chassis that is compatible with Gatik’s autonomous driving technology.

The goal is to build a truck platform at a dedicated production facility set up by Isuzu, which will begin operations in 2027.

(BetaKit)

NRF rejects Shein’s membership as the retailer seeks a U.S. initial public offering

China-founded fast-fashion giant Shein is not only trying to win over lawmakers in Washington as it prepares for a potential U.S. IPO, but is also trying to woo the broader U.S. retail industry.

It will first have to go through the National Retail Federation.

For most companies, NRF membership would have little impact on their business. The organization is the primary lobbying machine for the retail industry in Washington, D.C., and provides access to NRF events and market trend research, among other things.

But Shein is on a charm offensive. She has worked to convince lawmakers that it can be trusted as a public company listed on U.S. exchanges, despite concerns about its ties to China, its supply chain and its exploitation of a trade law loophole.

(CNBC)

Nfinite Nanotech closes C$8.9 million for sustainable nano-coated packaging

Kitchener-Waterloo startup Nfinite Nanotech has secured C$8.9 million ($6.5 million) to help improve the feasibility of sustainable packaging.

Nfinite describes its offering as “paper that behaves like plastic.” Its flagship 3D atomic layer deposition technology produces ultra-thin nano-coatings that help sustainable packaging protect products while remaining recyclable and compostable.

(BetaKit)

Shopify has acquired artificial intelligence analytics startup Peel Insights

Shopify has acquired the team working on analytics startup Peel Insights, the Canadian e-commerce giant has confirmed.

Peel tools help online sellers analyze sales data and improve customer retention.

According to his LinkedIn, Peel CEO and co-founder Nicolas Grasset is now the chief product officer at Shopify, and the Peel app is still available in the Shopify App Store. A Shopify spokesperson did not specify whether the app will continue in its current version.

(Business expert)

Relocalize Closes $2.3M to Decarbonize Food Supply Chain with Microfactories

Montreal-based cleantech startup Relocalize has raised a $2.3 million CAD seed expansion from Desjardins Capital and existing backer RGS Ice to accelerate the development and deployment of its technology-based microfactories.

By combining grocery production and packaging with distribution, Relocalize aims to completely eliminate medium-haul transportation and its associated environmental and financial costs.

(BetaKit)

For the first time in Canada, workers can form a union at an Amazon warehouse in Laval, Que

A Quebec labor tribunal has granted union accreditation to workers at an Amazon warehouse in Laval, Quebec, for the first time in Canada.

Most Laval warehouse workers signed union cards, solidifying the union’s accreditation.

Ahead of the Employment Tribunal’s decision, Amazon said it would challenge any decision approving the union. The hearing was scheduled for June 10.

(CBC)

Viewpoints: Hear from four founders on the state of Canadian technology

What happens when you introduce old and new generations of technology in one room?

BetaKit put together a series of Q&As from an early-stage founder, a scale-up founder, an experienced repeat founder, and a newcomer to the ecosystem who spoke at BetaKit’s town hall last week.

Joella Almeida from MedEssist who thinks/says…

Why does Cohere co-founder Ivan Zhang think Canadian tech is great at creating winners but terrible at keeping them here?

Serial entrepreneur Ali Asaria warns technology against getting lost in its own “bubble” and how the ecosystem could beat the US.

Learn from 22-year-old Jocelyne Murphy, who mentioned the lack of meaningful mentoring for young entrepreneurs, frustrating hiring practices, and how the cost of living hinders innovation.

(BetaKit)

Uber Eats will buy the Taiwanese company Foodpanda from Delivery Hero

Uber is buying Delivery Hero SE’s Foodpanda business in Taiwan for $950 million, strengthening its grip on the key Asian market as it pursues expansion in the region.

Uber, whose food delivery business outperformed globally in the last quarter, aims to complete the all-cash deal by the first half of 2025. The acquisition, one of the largest in Taiwan outside the chips business, also marks Delivery Hero’s retreat from Asia. Both sides stressed that the acquisition is subject to regulatory approval, which is a potential problem considering Uber and Delivery Hero are currently the two dominant players in the market.

(Bloomberg’s BNN)

Best place to aim AI? Mirror

Zoho Canada recently hosted a webinar on generative AI for business intelligence and how to implement this tool to make organizations more data-driven.

The discussion presented four key insights for startups thinking about applying generative AI to their business, and featured Matt Aslett, director of research, data and analytics at Information Services Group’s Ventana Research, and Zoho Canada’s Chandrashekar Lalapet Srinivas Prasanna.

(BetaKit)