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

Tim Fraser

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.

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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.

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