Rogers Communications doled out nearly $40 million last year paying the two executives who held the top position at the telecom company.

Guy Lawrence, who only stepped into the CEO role on Dec. 2, made a total of $12.7 million in 2013, according to figures disclosed in Rogers’ annual report.

Retired CEO Nadir Mohamed took home total compensation of $26.8 million last year, the bulk of it coming from his retirement package.

Lawrence, who was the former head of U.K.-based telecom company Vodaphone, received a base salary of $69,231 for the year.

He was also given $6.81 million in share-based awards, $5.01 million in option-based awards and other compensation worth $755,833. The value of his pension earned was $54,933 in 2013.

Mohamed, who retired in December, had a base salary of $1.13 million, $2.52 million in share-based awards, $2.52 million in option-based awards. All other compensation was $17,242 million, related to his retirement.

The value of his pension earned was $1.85 million in 2013.

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