The bosses at BC Ferries made a boatload of cash last year, but the board of directors says it’s actually cutting costs in the executive suite.

He retired last December, but former BC Ferries president David Hahn still finished the fiscal year with $1.1 million in earnings.

His replacement, Mike Corrigan, earned more than $900,000, while vice-president Glen Schwartz made $755,000, up from $500,000 the previous year, and vice-president Robert Clarke netted $743,000, up from $538,000.

But the board of directors says cuts to the number of executives have actually reduced compensation by 54 percent since 2008.

Meanwhile, more than 1,000 ferries employees made over $75,000s last year.

The company itself lost $16.5 million reported CKNW news.