CIBC Awards McCaughey C$9.3 Million in Pay for 2013

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.

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