Canadian Imperial Awards McCaughey C$9.4 Million for 2010 Pay
Canadian Imperial Bank of Commerce paid Chief Executive Officer Gerald McCaughey C$9.34 million ($9.47 million) in compensation last year, 50 percent more than the year earlier.
McCaughey, 54, received a salary of C$1.5 million, a C$3.13 million cash bonus and C$4.7 million in restricted shares, stock options and long-term incentives for 2010, according to a filing today by Canada’s fifth-biggest bank. That compared to C$6.24 million in compensation in 2009. The amounts exclude pension costs.
McCaughey led CIBC to a profit of C$2.45 billion in the fiscal year ended Oct. 31, double the amount in 2009. He expanded the Toronto-based bank with three acquisitions, including the purchase of Citigroup Inc. (C)’s C$2.1 billion Canadian credit-card portfolio, a $150 million investment for a stake in Bermuda-based Bank of N.T. Butterfield & Son Ltd., and the purchase of CIT Business Credit Canada from partner CIT Group Inc. to expand corporate lending.
CIBC also said it awarded Richard Nesbitt, head of the bank’s investment-banking unit, C$7.96 million for the year, up 46 percent from 2009.
Canadian Imperial is the last of the country’s six-biggest banks to report 2010 compensation for its top executives.
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