CIBC president and chief executive Gerry McCaughey earned $10 million in 2011, up from $9.3 million in 2010, according a regulatory filing by the bank ahead of its annual meeting next month.
According to the management proxy circular released Thursday, McCaughey earned a base salary of $1.5 million, a cash bonus of $3.4 million, mid-term incentives totalling nearly $4.2 million and stock options totalling $960,000.
That compared with a salary of $1.5 million, a cash bonus of $3.1 million, mid-term incentives worth $3.8 million and stock options worth $860,000 in 2010.
For its 2011 financial year, CIBC reported a profit of $3.08 billion, up from $2.45 billion in the previous year as revenue grew to $12.25 billion from $12.09 billion.
CIBC (TSX:CM) has more than 41,000 employees across its operations, including retail and wholesale banking and financial services, serving more than 11 million customers.
The bank will hold its annual meeting in Halifax on April 26.