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RBC boosts CEO McKay's 2024 pay by 60% to $17 million on HSBC Canada acquisition

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Royal Bank of Canada 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.
Royal Bank of Canada (RBC) has increased CEO Dave McKay's compensation for 2024 by 60%, setting his total pay at $17 million. This adjustment comes in recognition of his leadership during the $13.5 billion acquisition of HSBC's Canadian unit, which is expected to close in the first quarter of 2024. The decision to boost McKay's pay was influenced by the complexity and scale of the acquisition, as well as his overall performance in navigating economic challenges. The compensation package includes a base salary of $1.5 million, a $1.5 million cash bonus, and $14 million in stock and option-based awards, reflecting RBC's confidence in McKay's ability to drive future growth and integration of HSBC Canada.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/rbc-boosts-ceo-mckays-2024-pay-by-60-17-million-hsbc-canada-acquisition-2025-03-06/ ]