TORONTO – CIBC (TSX:CM) president and chief executive Victor Dodig earned total compensation valued at $7.1 million last year, boosted by an improvement to his pension when he took over the bank’s top job.
According to the bank’s proxy circular filed ahead of its annual meeting, Dodig, who headed CIBC’s wealth management division before becoming chief executive in September, earned a salary of $781,250, $1.9 million in share-based awards, $473,708 in option based awards and a cash bonus of nearly $1.6 million.
The bank also said the value of Dodig’s pension increased by nearly $2.4 million with his promotion to chief executive.
The pay packet compared with the nearly $4 million Dodig earned in 2013, when he took home a salary of $750,000, nearly $1.5 million in share-based awards, $369,840 in option-based awards and a $1.2-million cash bonus.
The value of Dodig’s pension earned in 2013 was $140,000.
Even with the large increase in the value of his pension, Dodig still fell well short of outgoing chief executive Gerry McCaughey, who earned nearly $10.6 million in total compensation for 2014, up slightly from the $10 million he earned in 2013.