TD's Masrani Awarded $6.8 Million in First Year as Top Executiveby
Toronto-Dominion Bank paid Bharat Masrani C$9.38 million ($6.8 million) for fiscal 2015, his first year as chief executive officer of Canada’s largest lender.
Masrani, 59, received C$1 million in salary, C$4.22 million in share-based awards and C$2.08 million of option awards as well as C$1.7 million in incentive pay and C$383,692 in other compensation, the Toronto-based bank said Tuesday in a regulatory filing. Masrani became CEO on Nov. 1, 2014, after Ed Clark retired.
Masrani got C$8.55 million -- or C$7.59 million after a pension adjustment -- in the previous fiscal year, when he was chief operating officer, according to the filing.
Toronto-Dominion paid its investment-banking head Bob Dorrance C$7.81 million for last year, down 2.9 percent from fiscal 2014, according to the filing. Mike Pedersen, group head of U.S. personal and commercial banking, received about C$7.33 million, a 15 percent boost. The amounts exclude pension values.