The chief executive of Bank of Montreal got a half-million-dollar raise last year, despite the bank missing three of four performance targets, the Globe and Mail reports.
Bill Downe's total compensation rose 4.9 per cent in 2014, to $9.94 million from $9.48 million, according to the company's proxy circular. Most of that can be accounted for by a 35-per-cent jump in Downe's bonus, to $1.75 million from $1.3 million.
The bank made its target for revenue growth for last year, but fell short on earnings per share, return on capital and on how efficiently it uses its assets, the Globe reported.
Meanwhile, CIBC's new CEO, who took over last September, has seen a big jump in pay thanks to his new position, but is still earning millions less than his predecessor, the Canadian Press reports:
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.
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