Bank of Montreal Lifts Downe's Compensation 2.1% to $7.6 Millionby
Firm calls him `most experienced' among Canada bank chiefs
Lender had record annual profit for 2015, beat goal for U.S.
Bank of Montreal awarded Chief Executive Officer William Downe C$10.2 million ($7.6 million) in compensation for fiscal 2015, a 2.1 percent increase from a year earlier.
Downe, 63, received C$1.88 million in salary, C$8.27 million in shares, stock options and incentives, plus C$16,625 in other compensation for the year ended Oct. 31, the Toronto-based lender said Tuesday in a regulatory filing. He received C$9.96 million in fiscal 2014. The totals exclude pension values.
Canada’s fourth-largest lender posted record annual profit of C$4.41 billion for 2015, up 1.7 percent from a year earlier. Bank of Montreal surpassed its goal of earning C$1 billion in annual profit from U.S. banking and wealth management, four years after Downe set the medium-term profit target.
Downe is “the most experienced CEO among the Canadian banks, and BMO’s performance in 2015 was good, surpassing the record highs of 2014,” the firm said in the filing. “These strong results are a reflection of a well-executed growth strategy.”