02/19/2015 04:33 EST | Updated 04/22/2015 05:59 EDT

Ed Clark, TD Bank's Former CEO, Got A Near-10% Pay Hike On His Way Out


TORONTO - Former chief executive Ed Clark received $11.4 million in total compensation during his final year at the helm of TD Bank (TSX:TD).

That includes his salary, cash bonus and stocks, as well as perks such as transportation and housing costs.

Clark's total compensation for fiscal 2014 is an almost 10 per cent increase from the previous year when he earned a total of $10.4 million.

TD's board of directors said the decision regarding how much to compensate Clark took into account how the bank performed against its own objectives and relative to its peers.

Incoming CEO Bharat Masrani was compensated a total of $7.6 million in fiscal 2014, while serving as the company's chief operating officer.

Masrani stepped into his new role as the company's chief executive at the start of fiscal 2015.

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