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CIBC pays CEO $10 million for last year, up from $9.9 million in 2012

TORONTO - CIBC president and chief executive Gerry McCaughey earned $10.01 million in total compensation last year, according to documents filed ahead of the bank's (TSX:CM) annual meeting next month.

The pay packet was up from the $9.93 million he received from the bank in 2012.

McCaughey's compensation for 2013 included a base salary of $1.5 million, $3.74 million in share-based awards, $935,880 in option-based awards and a $3.12-million cash bonus. The value of his pension earned for the year amounted to $717,000.

That compared with a base salary of $1.5 million, $1.92 million in share-based awards, $960,000 in options-based awards, a cash bonus of $2.94 million and $1.92 million in long-term incentives in 2012.

The value of McCaughey's pension earned in 2012 amounted to $687,000.

Richard Nesbitt, CIBC's chief operating officer, was the second-highest paid executive at the bank with a total of nearly $7.41 million for last year, up from $7.36 million in 2012.

Chief financial officer Kevin Glass earned $2.57 million, up from nearly $2.36 million, while David Williamson, group head of retail and business banking, earned $4.43 million, up from $4.13 million.

Victor Dodig, group head of wealth management, earned $3.97 million, up from $3.26 million.

CIBC's annual meeting will be held April 24 in Montreal.

The Canadian Press

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