TD Bank CEO Clark took pay cut in 2013

Thu Feb 20, 2014 5:24pm EST
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Feb 20 (Reuters) - Toronto-Dominion Bank Chief Executive Ed Clark's pay was cut by 4 percent in 2013 as the bank failed to meet profit growth and cost targets, Canada's No. 2 bank said on Thursday.

Clark was paid C$10.3 million ($9.31 million) in direct compensation last year, down from C$10.75 million in 2012 and C$11.275 million in 2011, the bank said in its annual proxy circular.

TD Bank's net profit rose by 3 percent to C$6.7 billion in 2013. On an adjusted basis, earnings per share rose by 0.4 percent to C$7.45, missing the bank's annual target of adjusted EPS growth of 7 to 10 percent.

The bank also failed to meet its target of growing revenue faster than expenses, it said, as revenue grew by 5.9 percent, while costs ballooned by 9.1 percent.

Clark, who will step down in November in favor of current Chief Operating Office Bharat Masrani, took home C$1.5 million in salary, a C$1.6 million cash bonus, and a C$7.2 million stock bonus.

Gordon Nixon, CEO of larger rival Royal Bank of Canada , earned C$12.68 million last year, up 1 percent from 2012, the bank said in January.