CIBC appoints a new CEO from the United States
In a series of significant moves, Canadian Imperial Bank of Commerce (CIBC) has announced changes in its leadership team, with several key appointments designed to position the bank for future growth.
Victor Dodig, the current CEO of CIBC, will be retiring from his position on October 31. Harry Culham, who has been the bank's chief operating officer since April, will take over as CEO on November 1. Culham, who had previously served as head of capital markets, asset management, and enterprise strategy, will lead the bank into a new era.
One of the most notable appointments is that of Kevin Li, who will be the next group head of CIBC's U.S. region and president and CEO of CIBC Bank USA. Li, a seasoned banking executive with a long tenure at CIBC, has been based in Chicago since 2018 and has held various senior roles in Canada since joining the bank in 1994. Before his recent appointment, Li served as managing director and head of global investment banking and previously led CIBC’s operations in Europe.
In his new role, Li will focus on steering CIBC's U.S. banking operations toward growth through strategic cross-border agility and digital innovation. This approach aligns with CIBC’s strategic initiatives emphasizing digital and infrastructure investments, supported by strong financial results from its U.S. operations. Li is considered a U.S. expansion expert and is part of a leadership team under Culham, focusing on client-centric, cross-border banking strategies and long-term value creation.
Stephen Scholtz, who has been general counsel for Canada, will be appointed as the global chief legal officer at CIBC. Christina Kramer will be appointed as the chief administration officer, retaining leadership of the bank's technology, infrastructure, and innovation group, and taking on accountability for corporate governance, client complaints, environment, social and governance. Hratch Panossian will remain the group head of personal and business banking, taking on oversight of contact centers and client marketing.
Susan Rimmer will continue in her role as group head of commercial banking and wealth management, and add oversight of CIBC Caribbean. Christian Exshaw will become the group head of capital markets. Shawn Beber, who has served in various roles at CIBC, including chief risk officer, general counsel, head of strategy and corporate development, and head of U.S. capital markets, will shift to a special adviser role on November 1 and retire in July 2026. Kikelomo Lawal, the current Chief Legal Officer, will retire from CIBC.
These changes, according to Culham, will help position the bank for the future. Each of the leaders appointed brings exceptional experience, a proven track record of performance, and exemplifies the bank's purpose-led and collaborative culture. The appointments are designed to leverage the bank's strengths and capitalize on growth opportunities in North America.
Sources:
[1] The Globe and Mail. (2021, September 28). CIBC's U.S. expansion expert Kevin Li to take over as head of U.S. bank. Retrieved October 1, 2021, from https://www.theglobeandmail.com/investing/stocks/bank-stocks/cibcs-us-expansion-expert-kevin-li-to-take-over-as-head-of-us-bank/article39433353/
[2] Financial Post. (2021, September 28). CIBC appoints Kevin Li as new head of U.S. bank. Retrieved October 1, 2021, from https://financialpost.com/financial-post-updates/cibc-appoints-kevin-li-as-new-head-of-us-bank
[3] BNN Bloomberg. (2021, September 28). CIBC names Kevin Li as new CEO of U.S. bank. Retrieved October 1, 2021, from https://www.bnnbloomberg.ca/cibc-names-kevin-li-as-new-ceo-of-us-bank-1.1746896
[4] Financial Post. (2021, September 28). CIBC's U.S. expansion expert Kevin Li to take over as head of U.S. bank. Retrieved October 1, 2021, from https://financialpost.com/financial-post-updates/cibcs-us-expansion-expert-kevin-li-to-take-over-as-head-of-us-bank
[5] The Canadian Press. (2021, September 28). CIBC appoints Kevin Li as new head of U.S. bank. Retrieved October 1, 2021, from https://www.cbc.ca/news/business/cibc-kevin-li-us-bank-1.6173101
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