: CEO pay increased at twice the rate of average Canadian since 2008Canadian CEOs among top bank earners in North America Four of Canada five big banks have recently had a change of chief executive officer, which set the stage for banks to offer less, according to CBC. Bank of Nova Scotia, Canadian Imperial Bank of Commerce and TD Bank each offered their incoming CEO 33 per cent less than the man who left the job. The changes affect both the base salary for new chief executives and agreements about stock options, retirement packages, special perquisites and even severance agreements, the study found. At Royal Bank, the new CEO earns 13 per cent less. Bank OutgoingCEO "It very common for new incumbents in roles paid lower than their predecessors because in this case, they're new inthe job and they don't have the five to 10 years experience doing it," said Bernie Martenson, senior consultant with McDowall Associates. "It premature to say if there a trend or absolute change in the magnitude of pay over longer term," she added. Bank of Montreal has not had a change of CEO . Its CEO, Bill Downe, has a base salary of $1.5 million and total target direct compensation of $10.5 million.
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