Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

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

Don't Miss Out —
Follow us on:

March 18 (Bloomberg) -- 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.

CIBC said financial results for wealth management and wholesale banking were “below expectations,” leading to lower cash bonuses for those areas, according to the filing. Adjusted net income of C$3.3 billion for 2012, while up from a year earlier, was below the firm’s plan.

The bank 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.

CIBC is the fifth of the country’s six biggest banks to report 2012 compensation for its top executives.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.