Mr. Dodig will succeed Gerry McCaughey on September 15, 2014
TORONTO, July 31, 2014 /CNW/ - CIBC's (TSX: CM) (NYSE: CM) Board of Directors announced today it has
selected Victor Dodig as the bank's next President and Chief Executive
Officer, effective September 15, 2014. Mr. Dodig is the Senior
Executive Vice-President, CIBC and Group Head, Wealth Management. He
succeeds Gerry McCaughey, who will retire as of September 15, 2014.
"Following a robust succession planning process, the Board has appointed
Victor Dodig as CEO to lead the continued execution of CIBC's strategy
and drive long-term, sustainable growth," said Charles Sirois, Chair of
the Board. "In addition to his broad understanding of the Canadian
banking business, Victor has played an integral leadership role within
CIBC Retail Markets and Wealth Management. He has a deep understanding
of CIBC's strategy, culture and opportunities, and has demonstrated his
ability to complement CIBC's organic growth plan with acquisitions and
investments that align to the bank's risk profile. Victor is attuned to
the continuing evolution of the financial services space and is well
positioned to execute a vision that will see the bank build on its
current successes. "
Mr. Dodig has a broad-based business background and extensive expertise
in wealth management and retail banking. Under his leadership, Wealth
Management grew significantly through organic growth in Canada and
through acquisitions in the U.S. over the past 3 years such as Atlantic
Trust and a 41% investment in American Century. As Group Head, Wealth
Management, Mr. Dodig has responsibility for CIBC Wood Gundy, CIBC
Investor's Edge, CIBC Private Wealth Management, Atlantic Trust, and
CIBC Asset Management, which includes CIBC's mutual fund company and
investment management activities in Canada and the U.S. Mr. Dodig also
has wide-ranging experience in retail banking. He began his career
working in CIBC's branch system as a customer service representative
while attending university, and later rose through increasing levels of
responsibility at CIBC to lead CIBC's retail banking distribution and
sales team from 2007 to 2011.
Prior to joining CIBC, Mr. Dodig was Managing Director and Chief
Executive Officer in Canada for UBS Global Asset Management. Earlier in
his career, he spent five years as Managing Director in Canada, the US
and the UK for Merrill Lynch and Company, where he gained international
experience, following three years as a Management Consultant with
McKinsey and Company.
Mr. Dodig is a past recipient of Canada's Top 40 Under 40TM award. He holds an MBA from Harvard University where he was a Baker
Scholar, and a Bachelor of Commerce from the University of Toronto (St.
"I feel privileged that the Board has asked me to lead CIBC into the
next phase of its growth and development," said Mr. Dodig. "CIBC has a
strong foundation for long-term success, with a strong capital base,
leading retail and wholesale banking franchises, and a strong North
American wealth management platform. I am excited to build on the
positive momentum of this great bank. Above all, I am committed to
creating value and opportunity for our clients, our shareholders and
Gerry McCaughey, CEO, said, "I have every confidence in Victor's
capabilities and in CIBC's future under his leadership. He has been
vital to CIBC's success and is well positioned to lead the bank
forward. I am working with the Board and with Victor to support a
seamless transition. I am very proud of everything we have accomplished
over the past nine years and want to thank CIBC's more than 43,000
employees for their support during my time as CEO."
During Mr. McCaughey's 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.
Mr. Sirois added, "Gerry leaves CIBC with the Board's respect,
admiration and appreciation. He has done an outstanding job of leading
CIBC through a tumultuous decade and establishing a strong foundation
for success and sustainable growth."
Mr. Dodig's biography is available here.
CIBC is a leading Canadian-based global financial institution with
nearly 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Wholesale Banking - 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. You can find other news releases and information
about CIBC in our Media Centre on our corporate website at www.cibc.com.
Image with caption: "Victor Dodig appointed President and Chief Executive Officer of CIBC (CNW Group/CIBC)". Image available at: http://photos.newswire.ca/images/download/20140731_C9164_PHOTO_EN_42304.jpg
PDF available at: http://stream1.newswire.ca/media/2014/07/31/20140731_C9164_DOC_EN_42316.pdf
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