Skip to main content

The Globe and Mail

CIBC’s McCaughey paid $9.2-million in 2012

CIBC CEO Gerry McCaughey is seen here at the headquarters in Toronto.

Tim Fraser/tim fraser The Globe and Mail

Gerry McCaughey, chief executive officer of Canadian Imperial Bank of Commerce, 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, Mr. 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.

Story continues below advertisement

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, 7 cents above the consensus estimate.

Report an error
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to