Victor Dodig retires as CIBC CEO in October after a decade, with the banking naming new successor
Victor Dodig, the chief executive of the Canadian Imperial Bank of Commerce (CIBC), will retire in October after more than a decade in the role, according to the Financial Post.
CEOs of Canada’s major banks often step down after about ten years.
Dodig is the second leader of a Big Six bank to retire this year, following Toronto-Dominion Bank’s Bharat Masrani, who left his position in February.
Royal Bank of Canada’s Dave McKay is the only other current CEO in the group with over a decade of experience in the role.
CIBC has reported strong financial performance, with several quarters of improved profitability.
The bank’s share price hit a record high in December. Dodig’s total compensation rose to $13.6m in 2023, making it the second highest among Big Six bank CEOs, up from $11.2m the previous year.
Some analysts had anticipated he would stay in the position longer.
“We are surprised at the announcement,” said Darko Mihelic, an analyst at Royal Bank of Canada. “We thought Victor might remain as CEO a couple of years longer.”
Kate Stevenson, chair of CIBC’s board of directors, credited Dodig with transforming CIBC into a modern, relationship-focused bank.
She highlighted his leadership in acquiring Costco Wholesale Corp.’s Canadian credit card portfolio, which brought more than two million new clients to CIBC.
Stevenson also noted Dodig’s role in the 2016 acquisition of PrivateBancorp Inc., which expanded the bank’s presence in US commercial banking and wealth management.
Dodig, whose father was a refugee, frequently commented on Canada’s immigration sector.
In a 2022 Financial Post op-ed, he warned that Canada’s reputation as a welcoming country was at risk due to housing and cost-of-living challenges.
At an event in November, he referred to immigrants as the “lifeblood” of Canada and called for support as “people are turning a little sour” on immigration.
Dodig will be succeeded by Harry Culham, who currently leads CIBC’s capital markets division and will assume the role of chief operating officer in April.
Dodig will remain as a special adviser to Culham for six months following his departure.
Culham has held key leadership positions within CIBC, including overseeing the bank’s global capital markets since 2015. His responsibilities have included managing CIBC Caribbean, CIBC Mellon Trust Co., and the Strategic Client Office.
Culham, who began his career as a CIBC intern in Vancouver, later held senior roles in European and Asian financial markets before rejoining the bank in 2008.
Mihelic noted Culham’s strength in capital markets but pointed out his relatively limited experience in personal commercial banking and wealth management.
Dodig described Culham as a “proven leader” with the experience and consistency to guide CIBC forward. “We have transformed CIBC into a modern, relationship-oriented bank with clear momentum and strong performance,” he said.
Dodig described his tenure as an honour. “I am very proud of all that we have accomplished together and believe the time is right to hand the baton to Harry,” he said in a statement.
“The time is right to pass the baton to [Culham]… we have a deep leadership bench, a highly connected culture and diversified platform, which, combined with [Culham]’s leadership, position our bank for continued success.”
Analysts referred to CIBC as a “changed bank” under Dodig’s leadership.
His tenure included a moment in 2014 when he was mistakenly introduced as “victim” instead of “Victor” at a Montreal conference on his third day as CEO. He continued with his presentation and later joked that he had “started off as a victim.”
