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Change At The Top Of Large Canadian Bank; New Wealth Head Named
Eliane Chavagnon
16 September 2014
CIBC's new president and chief executive, Victor Dodig, has unveiled a new executive leadership structure, including a newly-formed executive committee. Dodig yesterday took over from Gerry McCaughey, who has retired from the New York- and Canada-listed firm.
Meanwhile, CIBC's chief operating officer, Richard Nesbitt - who originally planned to retire in October 2015 - has advanced his departure date and is now leaving the bank. The firm confirmed that the COO role is not being replaced; key responsibilities are instead being assigned to other senior executives.
Additionally, senior executive vice president and vice chairman, Tom Woods, is retiring on December 31, 2014. Woods worked across investment banking, corporate banking, finance and risk management. In the interim, he will report to Dodig and assist with the transition of the CEO office.
CIBC's new executive leadership team is as follows:
- Steve Geist has taken over from Dodig as senior executive vice president and group head of wealth Management, overseeing CIBC's wealth management business in Canada and the US. He joined in 2006 as president and CEO of CIBC Asset Management (the firm told Family Wealth Report a successor for asset management has not yet been named);
- David Williamson is senior executive vice president and group head of retail and business banking. Williamson will assume expanded responsibility for CIBC FirstCaribbean International Bank;
- Harry Culham is managing director and group co-head of wholesale banking – a role in which he will continue to lead CIBC's global capital markets business and assume expanded responsibility for wholesale banking's international business. Culham re-joined CIBC in 2008;
- Geoff Belsher is managing director and group co-head of wholesale banking. Belsher will continue to lead CIBC's investment banking operations and be responsible for CIBC's corporate lending business globally. Prior to joining CIBC in 2009, Belsher held senior roles at Canadian and global investment banks;
- Kevin Glass is senior executive vice president and chief financial officer, with an extended mandate to include treasury. Glass has worked at CIBC since 2009 and was named as CFO in 2011;
- Mike Capatides is senior executive vice president, chief administrative officer and general counsel. In addition to his current responsibilities for legal, human resources and compliance, Capatides will assume leadership for CIBC's strategy and corporate development activities. Capatides joined CIBC in 1996 and was appointed as senior executive vice president, CAO and general counsel in 2008;
- Laura Dottori-Attanasio is senior executive vice president and chief risk officer. Besides risk, Dottori-Attanasio will oversee CIBC's control group. She joined CIBC as global head of corporate credit products in 2009, before becoming CIBC's CRO in 2013; and
- Kevin Patterson is senior executive vice president of technology and operations. Patterson will expand his current technology and operations responsibilities to include the chief data office of the bank. He has worked at CIBC since 1984.
New operating committee
The CIBC leadership group will also include a new operating committee, including members of the executive committee and other business functions at CIBC:
- Stephen Forbes is executive vice president of brand, corporate and client relationships, with expanded responsibility for CIBC's strategic corporate partnerships and key client relationships. Forbes will maintain existing responsibilities for marketing, communications and public affairs, and retail and business banking strategy. In this new role, he will report to Dodig as well as to Williamson. Forbes will also work to develop a “bank-wide client coverage model for CIBC's top clients as part of an enhanced client-focused agenda,” the firm said.
- Jackie Moss is executive vice president of strategy and corporate development, reporting to Capatides. Moss will develop a bank-wide corporate strategy working with Dodig and other members of the executive committee. She will also identify potential client acquisition opportunities. The existing strategy and corporate development team now reports to Moss.
- Sandy Sharman is executive vice president of human resources, reporting to Capatides. Sharman will develop CIBC's people, talent and leadership strategies. She returned to CIBC in 2013 as senior vice president of human resources and business client groups.
Additional members of the operating committee include:
- Jon Hountalas, executive vice president of business banking;
- Christina Kramer, executive vice president of retail distribution and channel strategy;
- Jenny Fagg, executive vice president of products and payments;
- Rik Parkhill, CEO of CIBC FirstCaribbean International Bank;
- Gary Brown, managing director and global head corporate banking;
- Roman Dubczak, managing director and head of equity markets;
- Christian Exshaw, managing director and head of capital markets trading;
- Monique Gravel, managing director and head of CIBC Wood Gundy;
- Jack Markwalter, chairman and CEO of Atlantic Trust;
- Peter Levitt, executive vice president and treasurer; and
- Anil Mathur, senior vice president and chief auditor.