CIBC announces leadership appointments

TORONTO, May 12 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a number of senior level appointments to further build on the bank's performance and to support the client-focused implementation of its business strategy.

Specifically, the following appointments are being made today:

  • Geoff Belsher, Managing Director and Global Head, Investment Banking, and Harry Culham, Managing Director and Global Head, Capital Markets Trading, have been named Group Co-Heads, Wholesale Banking, CIBC.
    • Mr. Belsher will maintain management of CIBC's global investment banking business and assume reporting responsibility for regional offices in New York, London and Hong Kong.
    • Mr. Culham will assume global responsibility for all Wholesale Banking Capital Markets businesses, including Fixed Income, Currencies and Distribution; Cash Equities; Global Derivatives and Strategic Risk; and management of our Chief Investment Officer activities.
    • In their new roles, Mr. Belsher and Mr. Culham will have joint responsibility for the day-to-day operation of the Wholesale Banking business.
  • Corporate banking, real estate lending and trading credit are key strategic priorities for the Wholesale Banking business.  In support of this, Corporate Credit Products, led by Laura Dottori as Managing Director and Global Head, will be expanded to include the portfolio management of all Wholesale lending and credit activities.  In her leadership role, Ms. Dottori will be responsible for oversight of all credit activities on behalf of Wholesale Banking.
  • John Orr, Chief Executive Officer, FirstCaribbean International Bank (FCIB), is appointed Executive Vice-President, Strategy and Corporate Development, CIBC, based in Toronto. Replacing Mr. Orr as the new CEO of FirstCaribbean is Rik Parkhill, currently Managing Director and Head, Cash Equities.  Mr. Parkhill will be based in Barbados and will assume this role over the next few months, pending regulatory approvals.

"These appointments position us well to continue our focus on delivering consistent, sustainable results in our core client-focused businesses while pursuing further opportunities for risk-controlled growth over the next three years," said Richard Nesbitt, Senior Executive Vice President, CIBC, and Group Head, Wholesale, International and Technology and Operations.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

This news release contains forward-looking statements within the meaning of certain securities laws. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond our control could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. We do not undertake to update any forward-looking statement except as required by law.


SOURCE CIBC

For further information:

Kevin Dove, Communications and Public Affairs at 416-980-8835, kevin.dove@cibc.ca


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