Changes continue evolution and depth of
leadership team
to further business performance and bring the best of CIBC to our
clients
TORONTO, Sept. 5,
2024 /CNW/ - CIBC (TSX: CM)
(NYSE:CM) President and CEO Victor
Dodig today announced senior leadership appointments that
position the bank to continue executing on its client-focused
strategy and build on its momentum in creating sustainable value
for all stakeholders.
"We're driving strong, consistent performance across our bank,
enabled by a leadership team with a broad view of our clients'
needs and a connected culture to bring the best of CIBC to our
clients," said Victor Dodig,
President and CEO, CIBC. "The changes we're announcing today will
broaden the opportunities for a number of leaders to further their
exposure to the needs of our clients across our bank, as we
continue to deliver for our stakeholders."
The following leadership changes are effective November 1,
2024.
Jon Hountalas is
transitioning to the role of Vice Chair, North American Banking,
covering Retail, Commercial Banking, and Wealth Management. Under
his leadership, the Canadian Banking business has made strong
progress in attracting new clients to the bank, enhancing client
experience, and delivering growth. He will continue to report to
Victor Dodig and serve on the bank's
Executive Committee.
"Jon is a well-respected leader, notably in the business
community, who recognizes the value of relationship building to the
long-term vibrancy of our bank," added Mr. Dodig. "We are indebted
to his 40 years of banking experience which positions him well to
further the focus of our North American client-driven strategy and
connecting clients to our business across the bank."
The bank will transition Jon's responsibilities for Personal
& Business Banking (PBB) and Commercial Banking & Wealth
Management (CBWM) portfolios.
Susan Rimmer will be
appointed as Senior Executive Vice President and Group Head,
Commercial Banking & Wealth Management, and join the bank's
Executive Committee reporting to Victor
Dodig. She is currently serving as Managing Director and
Head, Global Corporate & Investment Banking.
"Susan has been a key contributor to connectivity across our
bank in leading our corporate banking and investment banking
functions, working closely with other teams to meet the broader
needs of clients across CIBC," said Mr. Dodig. "Her strong working
relationships across our bank will provide continuity as she takes
on the leadership for this group, and her proven track record for
delivering growth will help to further our opportunities across
these businesses moving forward."
Harry Culham will
become Senior Executive Vice President and Group Head, Capital
Markets, Global Asset Management and Enterprise Strategy, as he
takes on expanded accountability for CIBC Global Asset Management
in addition to his current responsibilities. Our combined Global
Asset Management business, with about $300B in assets under management on both sides of
the border, reaches all parts of the bank's client base, from
institutional to retail clients. Bringing this North American
business together under common leadership will better position the
bank to leverage strength in both products and distribution to
drive the next phase of growth in this business. Harry will
continue to report to Victor Dodig
as a member of the bank's Executive Committee. Harry joined CIBC in
2008, holding increasingly senior roles in Capital Markets before
assuming its leadership, and then taking on broader enterprise
accountabilities. Christian
Exshaw will be appointed as Deputy Head, CIBC Capital
Markets, adding responsibility for Corporate and Investment Banking
to his current mandate. He will report to Harry Culham. Christian and Susan have
collectively helped drive double-digit growth for CIBC's Capital
Markets business in the US and expanded the bank's revenues from
connectivity with clients outside of the traditional capital
markets, and under Christian's leadership the teams will continue
to build this momentum moving forward.
Hratch Panossian, Senior
Executive Vice President and Group Head, Personal and Business
Banking, will take on expanded responsibility for Simplii
Financial. Hratch will continue on the bank's Executive Committee
reporting to Victor Dodig. He has
been a key part of CIBC's leadership team since joining the bank in
2011, and his experience across financial services and technology
positions him well to take on these additional responsibilities as
we continue to focus on providing digitally enabled banking
solutions, personalized advice, and an exceptional client
experience to Canadian consumers.
Shawn Beber will
continue in his current role as Senior Executive Vice President and
Group Head, U.S. Region, and President and CEO, CIBC Bank
USA. The U.S. remains a
strategically important growth area for CIBC, and Shawn will take
on additional responsibility for CIBC Cleary Gull, CIBC's
mid-market investment firm. Since taking on the role in 2022, Shawn
has repositioned and pivoted CIBC's US business under very
challenging market conditions. His leadership in this market is key
as we continue to execute on our client-focused strategy. He will
continue to report to Victor Dodig
and serve on the bank's Executive Committee.
"Today's changes build on our talent focus of continually
providing members of our leadership team with expanded
responsibilities and accountabilities," said Mr. Dodig. "Building
our depth by giving our leaders new experiences will only
strengthen our client focus and business performance."
Frank Guse, Senior
Executive Vice President and Chief Risk Officer, Christina Kramer, Senior Executive Vice
President and Group Head, Technology, Infrastructure, and
Innovation, Kikelomo Lawal,
Executive Vice President and Chief Legal Officer; Robert Sedran, Senior Executive Vice
President and Chief Financial Officer, and Sandy Sharman, Senior Executive Vice
President and Group Head, People, Culture and Brand, continue in
their current roles as part of our Executive Committee, reporting
to Victor Dodig.
About CIBC
CIBC is a leading North American financial institution with
14 million personal banking, business, public sector and
institutional clients. Across Personal and Business Banking,
Commercial Banking and Wealth Management, and Capital Markets, CIBC
offers a full range of advice, solutions and services through its
leading digital banking network, and locations across Canada,
in the United States and around the world. Ongoing news
releases and more information about CIBC can be found
at https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC
