Retiring chief executive
Chief operating officer
Masrani took the new executive position mid-year as part of his transition into the CEO role when Clark retires in November.
"During the year, despite achieving record results, the bank did not achieve all of the financial and non-financial objectives that were established," the bank said.
"In addition, the bank did not outperform peers in a manner consistent with prior years."
Other executives like
Clark will also receive a lifetime pension valued at nearly
Adjusted earnings per share fell short of the bank's expectations, rising 0.4 per cent for the year to
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