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Mar 18, 2020

CIBC CEO Victor Dodig compensation down last year compared with 2018

CIBC President and CEO Victor Dodig

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TORONTO -- The chief executive of Canadian Imperial Bank Of Commerce saw his total compensation last year decline compared with 2018.

In a regulatory filing ahead of the bank's annual meeting, CIBC says Victor Dodig's total compensation for 2019 was $9 million, down from $10 million in 2018.

The bank says Dodig earned a salary of $1 million, $4.8 million in share-based awards, $1.2 million in option-based awards, a cash bonus of $1.5 million, $505,000 in pension value and $2,250 in all other compensation last year.

The package compared with a salary of $1 million, $5.1 million in share-based awards, nearly $1.3 million in option-based awards, a cash bonus of $2.1 million, $520,000 in pension value and $2,250 in all other compensation in 2018.

The bank's management proxy circular said Dodig led CIBC in achieving solid financial results in a challenging operating environment.

CIBC earned $5.12 billion or $11.19 per diluted share for its financial year ended Oct. 31, 2019, compared with a profit of $5.28 billion or $11.65 per diluted share in the same period a year earlier.