Background
McCaughey was born and grew up in Winnipeg and attended parish schools before moving to Montreal in 1970.
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Gerald Committee
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Education
McCaughey graduated with a bachelor of commerce degree (and took further bookkeeping courses) and joined Merril Lynch Canada as broker in 1981.
Career
At 17 McCaughey left home to work on the railway tunnels in the British Columbia Interior from 1973 to 1976. He returned to Montreal to study at Concordia University and working at a meat packing plant in Montreal. At Merrill Lynch McCaughey worked his way across the company"s operations in Winnipeg, Edmonton and Montreal.
In 1990 Merrill Lynch sold their private client operations in Canada to Canadian Imperial Bank of Commerce, McCaughey was an account executive and joined the then Canadian Imperial Bank of Commerce Wood Gundy.
Since joining Canadian Imperial Bank of Commerce, McCaughey has risen up the ranks within the bank:
1994-1999 President of Wood Gundy Private Client Investments
1999-2002 Senior Executive Vice-President (Wealth Management)
2002-2004 Vice Chair, Canadian Imperial Bank of Commerce
2004-2005 Chairman and Chief Executive Officer of Canadian Imperial Bank of Commerce World Markets
2004–2014 President and Chief Operating Officer, Canadian Imperial Bank of Commerce
McCaughey haf been Chief Executive Officer since 2005, replacing former Chief Executive Officer and chair John Hunkin. McCaughey retired as the head of Canadian Imperial Bank of Commerce on September 15, 2014 and succeeded by Victor Dodig.
Compensation
McCaughey was paid $6.24 million in total direct compensation in 2009, according to the company"s most recent annual proxy circular. The Canadian Press reported on Thursday March 17, 2011, 8:36 pm EDT that "President and chief executive Gerald McCaughey"s pay increased 50 per cent to $9.34 million last year."
Outside of banking, McCaughey serves various other boards:
Chair of the Advisory Board for the Canada Institute of the Woodrow Wilson International Center for Scholars
Director of the Frontier College Foundation
In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine.
Membership
Member of The Learning Partnership"s Corporate Advisory Board
Member of the United States. Council on Foreign Relations.
