TORONTO – CIBC (TSX:CM) chief executive Gerry McCaughey earned $9.2 million last year, down from $10 million in 2011, as the bank said it met expectations for the year.
According the securities documents filed ahead of the bank’s annual meeting, McCaughey earned a base salary of $1.5 million, a $2.9 million cash bonus, $3.8 million in mid-term incentives and $960,000 in stock options.
The pay packet compared with a base salary of $1.5 million, a cash bonus of $3.4 million, $4.1 million in mid-term incentives and $960,000 in options in 2011.
CIBC is scheduled to hold is annual meeting in Ottawa on April 25.
Last month, CIBC reported a first-quarter profit of $798 million or $1.91 per share on $3.18 billion in revenue. That compared with a profit of $832 million or $1.89 per share on $3.16 billion in revenue a year earlier.
On an adjusted basis, however, CIBC’s profit beat analyst estimates compiled by Thomson Reuters. Adjusted earnings rose to $868 million or $2.15 per share, seven cents above the consensus estimate.
CIBC shares were up 20 cents at $82.12 on the Toronto Stock Exchange on Monday.