Tags: CIBC | pay | cut | McCaughey

CIBC Cuts CEO Gerald McCaughey’s Compensation 7.6% to $9 Million

Monday, 18 Mar 2013 03:41 PM

Canadian Imperial Bank of Commerce, the nation’s fifth-largest lender, paid Chief Executive Officer Gerald McCaughey C$9.24 million ($9.04 million) in compensation last year, down 7.6 percent from 2011.

McCaughey received a salary of C$1.5 million, a C$2.94 million cash bonus and C$4.8 million in shares, stock options and long-term incentives, Toronto-based CIBC said today in a filing. That compared with C$10 million in compensation in 2011. The amounts exclude pension costs.

Under McCaughey, the bank posted record profit of C$3.3 billion for the year ended Oct. 31, a 14 percent increase from the prior year, according to financial statements. CIBC is the fifth of the country’s six biggest banks to report 2012 compensation for its top executives.

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Canadian Imperial Bank of Commerce, the nation's fifth-largest lender, paid Chief Executive Officer Gerald McCaughey C$9.24 million ($9.04 million) in compensation last year, down 7.6 percent from 2011.
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Monday, 18 Mar 2013 03:41 PM
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