The Globe and Mail reports in its Thursday, April 2, edition that the rich compensation packages Canadian Imperial Bank of Commerce promised to pay two retired executives has corporate governance specialists and some Bay Street professionals scratching their heads. The Globe's Tim Kiladze writes that CIBC continues to pay Gerry McCaughey, its former chief executive officer, and Richard Nesbitt, its former chief operating officer, handsomely after their retirement dates -- $25-million between the two men. Both executives retired on Sept. 15, but they will continue to earn their base salary as well as perks, such as bonuses, for many months. Mr. McCaughey will be paid an additional $16.7-million by April, 2016, and Mr. Nesbitt will be paid $8.5-million by October, 2015. Corporate governance adviser Richard Leblanc finds the terms of CIBC's agreement surprising. He say: "This is very different. This can raise outrage. ... It sends the wrong signal to the rank and file. It's highly anomalous [for] a sophisticated company like CIBC." Concordia University corporate governance chairman Michel Magnan says, "When you pay someone that many millions of dollars, you expect them to perform."