Sunday, May 24th15.2°C
26412
24291

CIBC names Victor Dodig as new president and CEO, takes over on Sept. 15

TORONTO - CIBC has tapped the head of its wealth management division to be the bank's next president and chief executive.

The bank said Thursday that Victor Dodig, 49, will take over the helm at CIBC, Canada's fifth-largest bank, on Sept. 15, when chief executive Gerry McCaughey retires.

Dodig is currently the senior executive vice-president of the wealth management group.

The appointment was unexpected because McCaughey said in April at CIBC's annual meeting that he planned to retire in April 2016 when he turned 60.

But the board at CIBC (TSX:CM) said in a statement that it engaged in a "robust succession planning process" and chose Dodig to lead the bank into the future.

CIBC said Dodig has experience with both wealth management and retail banking and helped the bank grow over the past three years through acquisitions in the U.S.

Dodig, who worked CIBC customer service representative as a university student, has been a management consultant at McKinsey & Co., a managing director at Merrill Lynch and the Canadian head of UBS Global Asset Management.

He joined CIBC in 2005 as executive vice-president of wealth management before moving to the retail distribution business. Dodig has been senior executive vice-president and group head of wealth management since 2011.

"In addition to his broad understanding of the Canadian banking business, Victor has played an integral leadership role within CIBC Retail Markets and Wealth Management," said board chairman Charles Sirois in a statement.

"He has a deep understanding of CIBC's strategy, culture and opportunities, and has demonstrated his ability to complement CIBC's organic growth plan with acquisitions and investments that align to the bank's risk profile."

Dodig said he was excited to help build on the positive momentum at the bank.

"I feel privileged that the board has asked me to lead CIBC into the next phase of its growth and development," Dodig said in a statement.

McCaughey is the fourth CEO from Canada's Big Five banks in the past year to announce his retirement, following Gordon Nixon of Royal Bank (TSX:RY), Rick Waugh of ScotiaBank (TSX:BNS) and Ed Clark of TD (TSX:TD).

Follow @LindaNguyenTO on Twitter.

The Canadian Press


Read more Business News

24910


Recent Trending




Today's Market
S&P TSX15200.76-2.85
S&P CDNX703.48+2.97
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8138-0.0003
Gold1204.30+1.30
Oil57.45-1.98
Lumber273.80+3.70
Natural Gas2.887-0.064

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.48+0.03
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.01
Russel Metals25.79-0.03
Copper Mountain Mining1.38-0.03
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



26180

FEATURED Property
17978354986 Lakeshore Road, Kelowna, BC
5 bedrooms 4 baths
$2,695,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...


Squaring the circle

Photo: Thinkstock.comI have been reading about market segmentation and choice. Howard Moskowitz’s research into tomato sauce as retold by Malcom Gladwell on the TED talks (http://www.ted.com/tal...

_



25482

26418


Member of BC Press Council


25895