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

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.

CIBC also awarded Richard Nesbitt, group head of wholesale, international, and technology and operations C$7.14 million, down 7.5 percent from 2011. David Williamson, group head of retail and business banking, was awarded C$3.95 million, up from C$3.45 million in 2011.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: David Scheer at; David Scanlan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.