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TD CEO compensation to rise to $11.3M

The chief executive of TD Bank Group (TSX:TD) got an eight per cent pay increase last year, returning his salary to slightly above pre-recession levels.

TORONTO — The chief executive of TD Bank Group (TSX:TD) got an eight per cent pay increase last year, returning his salary to slightly above pre-recession levels.

The bank says Ed Clark earned $11.3 million in total compensation in 2010, up from $10.5 million the year before.

TD says Clark also chose to defer his cash bonus to equity.

Clark took a five per cent pay cut in 2009 as the bank braved turmoil in the financial markets.

He earned $11 million in 2008, the year the recession devastated global markets.

TD says strong performance in its retail business helped bring about a strong recovery in 2010.