RBC boosts CEO McKay's 2024 pay by 60% to $17 million on HSBC Canada acquisition
March 6 (Reuters) - Royal Bank of Canada RY.TO boosted CEO Dave McKay's 2024 salary to C$24.5 million ($17.14 million), including a C$4 million bonus related to the HSBC Canada acquisition, according to a regulatory filing on Thursday.
RBC, the country's biggest bank, last year finalized the C$13.5 billion acquisition of HSBC Canada, the biggest deal in its history.
The bank noted McKay's role in guiding the company through the "once-in-a-generation acquisition" of HSBC Canada, as well as his stewardship in bolstering RBC's existing domestic businesses.
McKay, who has been at the helm of the bank since 2014, is one of the longest-tenured CEOs among RBC's Canadian and U.S. peers.
His 2024 salary jumped 61% from a year earlier, when he earned C$15.2 million. McKay's 2024 compensation target was set at C$17 million.
McKay's C$4 million stock award for the HSBC Canada acquisition will vest over the next three years.
His total compensation target for 2025 remains unchanged at C$17 million.
($1 = 1.4291 Canadian dollars)
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