TORONTO, April 24, 2014 /CNW/ - CIBC (TSX:CM)(NYSE: CM) President and CEO Gerry McCaughey today announced his
intention to retire, effective April 30, 2016.
"As I close in on a decade as CEO, I wanted to announce my retirement
well in advance of my departure, thus giving CIBC's Board sufficient
time to complete its normal succession process, which is now well
underway," said Mr. McCaughey.
Charles Sirois, CIBC's Chairman of the Board, said: "Gerry has made
significant and lasting contributions over his many years of service to
CIBC. In particular, he showed exemplary leadership through the
financial crisis and in the years since then, returning CIBC to
consistent, sustainable and profitable growth, while building a
business platform and capital base that positions CIBC very well for
the future. The Board has a succession process underway and is
committed to ensuring a seamless transition to new leadership while
continuing to deliver value to all of our stakeholders."
Under Mr. McCaughey's leadership, CIBC has strengthened its balance
sheet and business mix, focused on strong risk management, increased
its focus on its customers, and created a strong work environment that
prizes excellence, diversity and integrity.
During his tenure, CIBC has been recognized, among other things, as one
of The World's Strongest Banks, one of Canada's Top 100 Employers, one
of Canada's Top 10 Corporate Cultures, one of the Best 50 Corporate
Citizens in Canada, and one of the Best Employers for New Canadians.
Mr. McCaughey, was named one of the 50 most influential leaders in the
world for 2012 by Bloomberg Markets Magazine and one of Canada's 50
Most Powerful People by Maclean's magazine.
"When I became CEO we charted a path to strengthen CIBC's balance sheet,
refocus on our core businesses and improve our efficiency. Six years
after the global financial crisis, CIBC is now stronger than ever,"
said Mr. McCaughey. "Thanks to the leadership team and the 43,000
employees of CIBC, our businesses are performing well and delivering
strong and consistent returns for our shareholders. Because of their
collective and sustained efforts, CIBC is among the strongest banks in
the world and is well positioned for the next phase of its growth and
development. I will continue to lead the execution of our strategy
while the Board completes its work on succession."
The actual date of Mr. McCaughey's retirement will be finalized upon
completion of the succession process currently underway.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make
written or oral forward-looking statements within the meaning of
certain securities laws, including in this press release report, in
other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications. These
statements include, but are not limited to, statements about our
operations, business lines, financial condition, risk management,
priorities, targets, ongoing objectives, strategies and outlook.
Forward-looking statements 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. We do not undertake to update any
forward-looking statement except as required by law.
CIBC is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC is committed to
supporting causes that matter to our clients, our employees and our
communities. We aim to make a difference in communities through
corporate donations, sponsorships and the volunteer spirit of
employees. In 2013, CIBC contributed more than $41 million to 1,870
charitable and non-profit initiatives in over 430 communities. You can
find other news releases and information about CIBC in our Media Centre
on our corporate website at www.cibc.com.
For further information:
Kevin Dove, Head of External Communications, CIBC, 416-980-8835, firstname.lastname@example.org