Changes offer leaders broader experience across banking group's operations
CIBC is making several changes to its executive leadership as the banking group focuses on its client-focused strategy and delivering for stakeholders.
The appointments were announced this week by president and CEO Victor Dodig and will all take effect from November 1, 2024.
"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 Dodig. "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."
Jon Hountalas becomes vice chair of CIBC’s North American banking operations including retail, commercial, and wealth management. He is currently senior EVP and group head of commercial banking and wealth management for Canada.
"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," said 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."
Hountalas will continue to report to Dodig and serve on the bank's Executive Committee.
Susan Rimmer will be senior executive vice president and group head of Commercial Banking & Wealth Management and will 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."
The banking group previously announced some leadership changes in March this year.
Other appointments
Among the other appointments announced:
- Harry Culham will become senior EVP 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.
- Christian Exshaw will be appointed as Deputy Head, CIBC Capital Markets, adding responsibility for Corporate and Investment Banking to his current mandate.
- 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.
- 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 banking firm.
