CIBC Awards CEO Dodig a 72% Pay Increase to $6 Million for 2015by
Canadian Imperial Bank of Commerce paid Victor Dodig C$8.15 million ($6 million) in his first full year as chief executive officer, a 72 percent increase over fiscal 2014.
Dodig, 50, received a salary of C$1 million, a C$2.5 million cash bonus and C$4.65 million in shares, stock options and long-term incentives for the year ended Oct. 31, the Toronto-based bank said Wednesday in a regulatory filing. That compares with compensation of C$4.73 million for fiscal 2014, when he had a C$2.39 million pension adjustment. The totals exclude pension costs.
Dodig led Canada’s fifth-largest lender to record annual profit of C$3.59 billion last year, up 12 percent from fiscal 2014, according to company filings. He became CEO in September 2014.
“Mr. Dodig set a strong tone at the top around risk control, executed the board-approved capital deployment plan, maintained CIBC’s capital strength, and exceeded key bank-wide targets on employee engagement, talent management and organizational culture,” according to the filing.