233050
Business  

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.



More Business News

226943
229438
Data from CryptoCompare
RECENT STORIES
232722
232059
Castanet Proud Member of RTNDA Canada
224488
Press Room
232208
229228