Victor Dodig, then the chief executive officer of CIBC, at the Intersect 2025 conference hosted by The Globe and Mail in June, 2025.Jenna Muirhead/The Globe and Mail
Canadian Imperial Bank of Commerce CM-T boosted former chief executive officer Victor Dodig’s compensation in 2025, capping a year where surging profits at the country’s biggest banks bolstered pay packages for the sector’s top executives.
In 2025, the CEOs of most of Canada’s biggest banks received higher compensation, according to annual proxy circulars released over the past two weeks. On Tuesday, CIBC released its filing, posting a pay increase for its top executive as its new CEO took the helm.
CIBC’s Mr. Dodig made $17.18-million, a 26-per-cent increase from $13.61-million a year earlier. Mr. Dodig’s 2025 pay ranked him second among the six big bank CEOs, after Royal Bank of Canada’s RY-T Dave McKay, who earned $23.76-million.
Mr. Dodig’s bonus of $3.12-million compared with 2024’s annual incentive of $2.42-million. CIBC gave him stock awards of $12.48-million, compared with $9.68-million in the prior year.
CIBC beat the financial targets in its bonus plan, posting adjusted earnings per share of $8.61, surpassing its target of $7.99.
Base salary makes up a minor portion of a CEO’s compensation. Canada’s banks set targets for CEOs’ annual pay, which includes bonuses and stock awards. The banks then adjust the pay based on their results. The 2025 figures are for the banks’ fiscal years, which ended Oct. 31.
Mr. Dodig wrapped up his 11-year tenure as CEO on Oct. 31, taking on a role as a special adviser as Harry Culham stepped into the top job.
“Mr. Dodig played a key role in maintaining CIBC’s momentum and consistency throughout the year, despite ongoing global trade and macroeconomic uncertainty, and continued to deliver for all stakeholders,” the bank said in the filing.
In February, Telus Corp. T-T tapped Mr. Dodig as the telecommunications company’s new CEO, replacing retiring Darren Entwistle.
In April, 2025, CIBC appointed Mr. Culham, formerly the head of the capital markets unit, as chief operating officer. He became CEO at the beginning of the bank’s 2026 fiscal year in November.
Mr. Culham’s compensation was $12.45-million, up from $10.27-million in 2024.
For the 2026 fiscal year, the board set Mr. Culham’s total direct compensation (TDC) target at $11.5-million, with a base salary of $1-million and a variable incentive target of $10.5-million.
“Harry’s TDC target was established based on a review of market comparators, his previous experience and appropriate positioning for a newly appointed CEO,” the bank said in the filing.
The CEOs of Toronto-Dominion Bank TD-T, Bank of Montreal BMO-T, Bank of Nova Scotia BNS-T and National Bank of Canada NA-T received higher compensation in 2025. At RBC, however, Mr. McKay’s total pay fell slightly compared with 2024, but was still up significantly from previous years.
In 2024, RBC more than doubled Mr. McKay’s bonus and boosted his stock and options awards. Part of the stock award was a special grant valued at $4-million, tied to the integration of HSBC Bank Canada. Excluding the special grant in 2024, Mr. McKay’s total compensation increased last year by $1.78-million.