CIBC announced a significant change in its leadership structure, positioning Hratch Panossian, the current chief financial officer, to take on an operating role as head of the lender’s personal and business banking business. This move is part of CIBC's strategy to bolster its growth and ensure a smooth transition for eventual CEO succession. In related news, RBC has increased the total compensation for its CEO, Dave McKay, by 13% for the year 2024, setting it at C$17 million. Additionally, RBC has compensated the head of Personal & Commercial Banking with C$1.25 million for successfully closing the HSBC Canada deal. This adjustment in CEO compensation at RBC marks a significant shift, as it diverges from the compensation trends of its peers, who have made no changes to their CEO pay structures.
Canadian bank RBC lifts 2024 CEO pay goal, peers make no changes https://t.co/qr4O7FTFEq
RBC boosts CEO's compensation, pays P&C head C$1.25 million for closing HSBC Canada deal https://t.co/hroof4tB2F https://t.co/uLAf3EPeAE
RBC boosts CEO McKay's total 2024 compensation by 13% to C$17 million https://t.co/C8ALTSN24E https://t.co/lxXxor7FDO
CIBC said chief financial officer Hratch Panossian will take on an operating role as head of the lender’s personal and business banking business https://t.co/jKLRH4N2eI
CIBC shakes up leadership to bolster eventual CEO succession, growth strategy https://t.co/HQ8U7M0imm