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

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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

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

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