CIBC Awards McCaughey C$9.3 Million in Pay for 2013

March 17 (Bloomberg) --Canadian Imperial Bank of Commerce paid Chief Executive Officer Gerald McCaughey C$9.3 million ($8.4 million) in direct compensation for 2013, an increase of less than 1 percent from a year earlier.

McCaughey received a salary of C$1.5 million, a C$3.12 million cash bonus and C$4.68 million in shares, stock options and long-term incentives, the Toronto-based lender said today in a filing. That’s compared with total pay of C$9.24 million in 2012. The amounts exclude pension costs.

McCaughey led Canadian Imperial, the country’s fifth-largest bank, to record profit of C$3.35 billion last year, up 1.8 percent from 2012. The lender beat its financial targets for earnings-per-share growth, while missing for revenue growth, according to the filing.

The bank awarded Chief Operating Officer Richard Nesbitt C$7.18 million for 2013, an increase from C$7.14 million a year earlier. David Williamson, group head of retail and business banking, received C$4.24 million, compared with C$3.95 million in 2012.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net; David Scanlan at dscanlan@bloomberg.net Steven Crabill

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.