TORONTO, March 13,
2025 /PRNewswire/ - CIBC (TSX: CM) (NYSE: CM)
today announced that Victor Dodig
plans to retire as President and Chief Executive Officer, effective
October 31, 2025, and that
Harry Culham has been appointed as
Chief Operating Officer effective April 1,
2025 and will succeed Mr. Dodig as President and Chief
Executive Officer, effective November 1,
2025. Mr. Dodig will serve as a special advisor to Mr.
Culham and the Board from November 1,
2025 to April 30, 2026 to
support a seamless transition.
Mr. Dodig has served as President and CEO of CIBC since
September 2014, guiding the bank
through a period of significant transformation and growth. Under
his leadership, CIBC has become a modern, relationship-oriented
bank recognized for delivering superior client focus, consistent
and reliable strategic growth, and top-tier shareholder
returns.
"It has been an honour to lead CIBC and work alongside such a
dedicated and purpose-led team," said Mr. Dodig. "Together, we have
built a strong foundation for the future, with a clear and
consistent strategy focused on client relationships, financial
strength, innovation, sustainability and genuine community
engagement. I am very proud of all that we have accomplished
together and believe the time is right to hand the baton to Harry.
I look forward to working closely with Harry and our entire
leadership team as we continue delivering exceptional value for our
clients, shareholders, and communities."
Over the past decade, CIBC built a highly connected and
client-focused team and culture that is guided by a common purpose
of helping make ambitions real, renewed its brand, modernized its
workplaces, achieved best-in-class employee experience scores, and
delivered the strongest client experience gains among Canadian
banks. In addition, the bank has taken a leading role in fostering
inclusion, furthered its commitment to communities through the
launch of the CIBC Foundation, and became a North American leader
in sustainability.
"Victor's tenure as President and CEO has been marked by a
relentless focus on our clients and an unwavering commitment to
transforming CIBC into the modern, relationship-oriented bank it is
today, with a connected culture that brings the best of CIBC to its
clients," said Kate Stevenson, Chair
of the Board of Directors. "Victor led key strategic acquisitions
including the acquisition of PrivateBancorp, Inc., which
significantly enhanced CIBC's U.S. footprint in Commercial Banking
and Wealth Management. He also led the acquisition of Costco's
Canadian credit card portfolio which added over two million clients
to CIBC, including many mass affluent and business banking clients.
In addition, he led transformative investments in digital banking
and technology to modernize the bank. The result is a strategic
platform for growth that will benefit stakeholders for years to
come."
"We are thankful for his incredible contributions and appreciate
the care he has invested in partnering with the board as we prepare
to transition to the next generation of leadership."
Harry Culham Named Chief Operating Officer and incoming
President and CEO
Effective April 1, 2025, all of
CIBC's operating businesses will report to Mr. Culham to help
facilitate the leadership transition and continued strong focus on
clients and performance. CIBC's corporate functions will continue
to report to Mr. Dodig until October 31,
2025.
With a proven track record of leading Capital Markets and other
key areas of CIBC's businesses and head office groups, Mr. Culham
has instilled a strategic, client-focused, and growth-oriented
mindset across the organization, building an exceptional team and
delivering outstanding business results.
Mr. Culham first joined CIBC in Vancouver as an intern and participated in one
of the bank's first ever graduate programs. He then gained
extensive experience in senior banking roles in Europe and Asia before rejoining CIBC in 2008, ultimately
taking on the leadership of CIBC's global Capital Markets business
in 2015.
Mr. Culham's global experience working with clients across
borders was instrumental in providing a broad global perspective
that he has brought to CIBC's Capital Markets business, and he has
been a valued member of CIBC's Executive Committee for the past
decade. Under his leadership, the business has diversified with
robust growth in North America and
with global reach to better meet the changing needs of clients in
an evolving marketplace, while in parallel re-orienting the
business around deep client relationships in key growth sectors.
The result is a transformed business that produces consistent,
sustainable growth with reduced earnings volatility and strong
credit quality with a highly connected culture.
Mr. Culham has also been responsible for leading and optimizing
several areas of the bank including CIBC Caribbean, CIBC Mellon,
and the Strategic Client Office. He has also led CIBC's Enterprise
Strategy and Corporate Development function and, most recently
Global Asset Management. His commitment to community service is
reflected in his roles as Co-Chair of the CIBC Foundation,
Executive Chair of CIBC Miracle Day, the United Way Finance Sector
lead, and as a member of the Board of Sinai Health. He holds a
degree from the University of British
Columbia's Sauder School of
Business and is a Leslie Wong Fellow.
"Harry is a proven leader who has worked alongside me, our board
and the rest of our CIBC team to build the bank we are today," said
Mr. Dodig. "His client focus, inclusive leadership and track record
of performance and consistency position him perfectly to take the
bank forward and build on the momentum we have established. I look
forward to working closely with him over the coming months."
"I'm delighted to take on these new responsibilities in service
of CIBC's clients, employees, business partners, shareholders and
the communities we serve," said Mr. Culham. "I am enormously proud
of the work we have done under Victor's leadership and am excited
to build on our current momentum to fully realize the value of the
strategy we have put in place over the past several years."
"Harry's approach to creating shareholder value through
disciplined execution, prudent and risk-controlled growth, and a
focus on clients are ideally suited to furthering CIBC's
momentum," said Ms. Stevenson. "Succession planning and talent
development at all levels of the organization have been an ongoing
and continuous focus for our board. Today's announcement is the
reflection of our process and will ensure CIBC continues to grow in
a consistent and sustainable way, creating enduring value for
stakeholders."
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 www.cibc.com/ca/media-centre.
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