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 dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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