CEO Took Home $9.42-Million in 2006 - Fourth Week on Strike at CIBC

    SUDBURY, ON, Feb. 4 /CNW/ - Members of the United Steelworkers (USW) at
five branches of CIBC in Sudbury are in their fourth week on strike for a
decent collective agreement while financial media reports indicate that the
bank's CEO took home $9.42-million in salary and bonus for 2006.
    "Let me assure you the workers are not asking for anywhere near
$9.42 million in salary increases," said USW Staff Representative Jim Kmit.
"CIBC should be willing to return to the bargaining table for this group of
hard-working bank employees."
    Most of the workers in Sudbury earn a range of $12 to $15 an hour. If
based on a 40-hour workweek, the CEO of CIBC makes $4,528 an hour.
    "The bank can clearly afford to treat its front-line workers better. It's
time negotiations were restarted and the Bank makes an offer of settlement to
end this strike," said Kmit.

    The USW represents more than 280,000 men and women working in every
sector of Canada's economy. The elected head of the union in Ontario is Wayne
Fraser (416.243.8792).

For further information:

For further information: Jim Kmit, (705) 675-2461, Ext. 224

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