CIBC boss takes pay cut to $6.2M

CIBC says its CEO, Gerry McCaughey, made $6.24 million in 2009 a drop of almost 24 per cent from the $8.16 million he made the year before.

In a regulatory filing Thursday, CIBC said McCaughey earned $1.5 million in base salary, $1.5 million in share-based awards, $750,000 in option-based awards, and annual and long-term incentives worth $2.49 million.

"This reflects both the change to our compensation framework and the boards view of CIBCs performance, which was strong in some core business areas but disappointing in other areas," the bank said in a report to shareholders.

CIBC reported a $1.17-billion net profit in 2009, reversing 2008's net loss of $2.06 billion.

Four other senior executives earned from $2.3 million to $5.4 million.

Like most big banks, CIBC has decided tolet its shareholdersvote ona non-binding "say on pay" resolution on executive compensation.

The next vote will comeat the company'sannual meeting in Montreal on Feb. 25.