Bank of Montreal Boosts CEO’s Pay 3% to $8.6 Million

Bank of Montreal awarded Chief Executive Officer William Downe C$9.49 million ($8.6 million) in compensation for 2013, a 3 percent increase from a year earlier.

Downe, 61, received about C$1.28 million in salary, C$8.2 million in shares, stock options and incentives, plus C$13,050 in other compensation for the year, the Toronto-based lender said today in a filing. He received C$9.22 million for 2012. Both totals exclude pension costs.

Canada’s fourth-largest lender posted record annual profit of C$4.2 billion for fiscal 2013, up 0.9 percent from 2012, according to financial statements. Bank of Montreal (BMO) met its medium-term objectives for adjusted earnings-per-share growth and return on equity for 2013, while missing its goal for operating leverage because of slowing revenue growth, the company said Dec. 3.

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To contact the editors responsible for this story: Peter Eichenbaum at; David Scanlan at Steven Crabill

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