RBC CEO Nixon's pay rises 25 percent to Canadian dollar 12.6 million

Mon Feb 4, 2013 1:41pm EST
 
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TORONTO (Reuters) - Royal Bank of Canada RY.TO gave Chief Executive Gordon Nixon a 25 percent raise, paying him C$12.6 million ($12.61 million) in 2012, a year in which the company posted a record net profit.

Nixon's pay includes a base salary of C$1.5 million, a cash bonus of C$2.85 million, stock options of C$1.65 million and C$6.6 million in deferred share units.

The bank, Canada's largest, said his pay was 12 percent above the bank's original target level due to RBC's strong performance on the year.

RBC earned a record C$7.5 billion in 2012, up 17 percent from the previous year.

Nixon, 55, took over the top job at RBC in 2001 and is the longest service CEO of the country's five biggest banks.

Nixon was paid C$10.1 million in 2011, a level that represented an 8.2 percent pay cut from the previous year due to a loss taken from the sale of its U.S. branch-banking operation to PNC Financial Services Group PNC.N.

($1 = 0.9991 Canadian dollars)

(Reporting by Cameron French, editing by G Crosse)

 
Gordon Nixon, President and Chief Executive Officer of Royal Bank of Canada (RBC) Financial Group, speaks during the Atlantic Council conference on "The Financial Crisis: Lessons Learned from Canada and the Way Forward" at the Canadian Embassy in Washington November 16, 2011. REUTERS/Kevin Lamarque