CIBC Makes Further Changes to Executive Roles

By Robb M. Stewart

Canadian Imperial Bank of Commerce for a second time this year is shuffling its executive ranks.

The lender, one of Canada's biggest banks, said that as of the start of its new financial year on Nov. 1 it will make a number of changes to senior leadership that will broaden the opportunities of a number of CIBC's leaders.

Industry veteran Jon Hountalas will shift to the role of vice chairman of North American banking, a broad area covering retail, commercial banking and wealth management. His current responsibilities as head of CIBC's core Canadian banking business, which includes the personal and business banking and commercial banking and wealth management portfolios, will be handed over.

Hountalas will continue to report to President and Chief Executive Victor Dodig and he will serve on the bank's executive committee.

CIBC said Susan Rimmer, currently a managing director and head of global corporate and investment banking, will be become senior executive vice president and group head of commercial banking and wealth management. She also will join the bank's executive committee, reporting to Dodig.

As the bank moves to bring together its North American asset management business under common leadership, it named Harry Culham as senior executive vice president and group head of capital markets, global asset management and enterprise strategy, as he takes on expanded accountability for global asset management in addition to his current responsibilities. Culham joined CIBC in 2008, holding increasingly senior roles in capital markets before assuming its leadership.

Hratch Panossian, part of CIBC's leadership team since 2011, will take on expanded responsibility for the digital banking arm Simplii Financial.

The bank said the U.S. remains a strategically important growth area and Shawn Beber will continue the lead the region in his current role as senior executive vice president and group head of the U.S. and president and CEO of CIBC Bank USA. He will take on responsibility for CIBC Cleary Gull, CIBC's mid-market investment firm.

The changes come after CIBC named Robert Sedran as chief financial officer in March, succeeding Panossian who was appointed senior executive vice president and head of personal and business banking.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

September 05, 2024 07:42 ET (11:42 GMT)

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