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TD Bank CEO takes 41 per cent pay cut to $8M after $3M passed to charity

Published on February 20, 2009; Published on July 10, 2009
The Canadian Press ~ The News

Topics :: TD Bank CEO , Toronto-Dominion Bank , TORONTO , Canada

TORONTO -

Ed Clark has taken a 41 per cent pay cut to $8 million as chief executive of Toronto-Dominion Bank, after declining to accept $3 million and turning this amount over to charity.

Clark, continuing a sackcloth-and-ashes performance by Canadian bank CEOs after a painful year for shareholders, was awarded $11 million in total compensation for 2008, down 19 per cent from $13.5 million in 2007, the bank disclosed Thursday.

However, "in light of the difficult economic circumstances that Canada and the world face, Mr. Clark asked that his 2008 compensation be reduced by an additional $3 million."

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Stevo

- September 18, 2009 at 16:28:27

Its okay to be poor June.

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Darms101

- September 18, 2009 at 16:26:03

$8 million ? How's the guy gonna live on that? Thank God theres a food bank for people like him.

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June

- September 18, 2009 at 14:51:03

So this is why my bank charges me .25c /6hrs for a $13.00 OD, then turns around and gives me .01c/3mo for $4100.!!!!!!!

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