CIBC Announces Senior Executive Changes

TORONTO, June 20, 2017 /CNW/ - CIBC (TSX: CM) (NYSE: CM) President and CEO Victor Dodig today announced changes to the bank's organizational structure and leadership team to further accelerate its transformation, and bolster its efforts to build a strong, innovative, and relationship-oriented bank.

"Since we announced our three integrated, bank-wide priorities two years ago, we have made significant progress as a team on focusing on our clients, innovating for the future and simplifying our bank," said Mr. Dodig. "At a time when we are positioning our bank to embed a client-first culture into our DNA, execute our strategy and deliver growth for our shareholders, these changes are a natural next step that will build on the clear momentum we have established and provide opportunities to develop our next generation of senior leaders." 

Effective today, the following Senior Executive Vice-Presidents (SEVP) will report to Victor Dodig and comprise CIBC's Executive Committee.

Leading CIBC's Strategic Business Units are:

  • Harry Culham continues as Group Head, Capital Markets, with global responsibility for Global Markets, Investment Banking and assumes responsibility for Corporate Banking.
     
  • Jon Hountalas has been named Group Head, Commercial Banking and Wealth Management, Canada. He will continue to lead our commercial banking business, but also assume responsibility for our key Wealth businesses, including CIBC Asset Management, CIBC Wood Gundy and CIBC Private Wealth Management.

  • Christina Kramer has been named Group Head, Personal and Small Business Banking, Canada. Ms. Kramer will be accountable for the Retail Distribution, CIBC Imperial Service, Small Business, Mobile Advice and CIBC Investor's Edge teams, and all personal and small business banking products. 

  • Larry D. Richman will become Group Head, U.S. Region, and President & CEO, The PrivateBank upon completion of the acquisition of PrivateBancorp, Inc., which is anticipated on June 23, 2017. This structure creates a strong alignment between our U.S. and Canadian businesses and will benefit clients looking to leverage cross-border opportunities.

Leading CIBC's Functional Teams are:

  • Mike Capatides continues as Chief Administrative Officer and General Counsel, and assumes accountability for CIBC FirstCaribbean International Bank.

  • Laura Dottori-Attanasio continues as Chief Risk Officer.

  • Kevin Glass continues as Chief Finance Officer.

  • Deepak Khandelwal will join CIBC in August as Group Head, Client Connectivity and Innovation, and lead CIBC's client focus and innovation agenda.  He will be accountable for digital, data, client experience, payments, marketing, contact centres and President's Choice Financial.  Mr. Khandelwal brings a deep understanding and experience in building client-first cultures at companies including Rogers, Google Inc. and McKinsey & Company.
     
  • Kevin Patterson continues as Group Head, Technology and Operations.
     
  • Sandy Sharman expands her current Human Resources accountabilities to include Corporate Communications & Public Affairs, and has been named Chief Human Resources and Communications Officer. 

  • In addition, Brian Lee continues as Senior Vice-President and Chief Auditor, and an Observer on CIBC's Operating Committee.

"These changes will further develop and add to our leadership depth at CIBC, creating new opportunities not only for Executive Committee leaders but for top talent across our global leadership team," said Mr. Dodig. "We look forward to welcoming Larry Richman and Deepak Khandelwal to our team.  We will benefit from their leadership and deep commitment to building cultures that deliver the very best, innovative ideas, solutions and service to our clients."

In addition, David Williamson, SEVP and Group Head, Retail and Business Banking, will be leaving CIBC in the first quarter of 2018. In the interim, he will act as a strategic advisor to Mr. Dodig and the Client Connectivity and Innovation team. Steve Geist, SEVP and Group Head, Wealth Management, will be leaving CIBC at the end of the year and upon completion of a seamless transition of the Wealth Management business.

"On behalf of the entire team at CIBC, I would like to thank David and Steve for their service to our bank.  Under their leadership, our Retail and Wealth businesses have performed well and we have made good progress in advancing our client-focused agenda.  They have both played important roles in getting our bank to where it is today and we wish them the very best as they take on new challenges in the future," said Mr. Dodig.

"Two years ago we set out to transform CIBC. I am proud of what we have accomplished as a team and look forward to building on our progress as we bring unrelenting focus to putting our clients at the heart of every decision we make."

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on LinkedIn (www.linkedin.com/company/cibc), Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.

SOURCE CIBC - Corporate

For further information: Investors: Alice Dunning, alice.dunning@cibc.com, 416-861-8870; Media: Caroline Van Hasselt, Communications & Public Affairs, 416-784-6699, caroline.vanhasselt@cibc.com

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