Banking giant reveals new executive changes as it prepares to usher in a new era under incoming CEO Culham
Canadian Imperial Bank of Commerce (CIBC) revealed a shakeup of its top team on Tuesday, making a flurry of key changes ahead of Harry Culham taking the reins as chief executive officer in November.
The banking giant said it had appointed Christian Exshaw as senior executive vice president and group head, capital markets, promoting the executive who had served as deputy head of capital markets since last year.
The bank’s current managing director and head of global investment banking Kevin Li will move to the role of senior executive vice president and group head, US region, and is also set to lead CIBC Bank USA as president and chief executive officer.
Christina Kramer has been named senior executive vice president and chief administrative officer, with Amy South taking the role of executive vice president, office of the CEO and chief of staff and Stephen Scholtz appointed global chief legal officer.
Hratch Panossian will continue in his current role as senior executive vice president and group head, personal and business banking, with his duties expanded to include client marketing and the company’s contact centres, while senior executive vice president and group head, commercial banking and wealth management Susan Rimmer will add oversight of CIBC Caribbean to her remit.
CIBC also announced two executive departures: Shawn Beber, who heads the bank’s US operations, will end a 23-year stint at the company next July, while executive vice president and chief legal officer Kikelomo Lawal will retire on an undisclosed date.
Culham’s appointment to replace Victor Dodig, who’s served as chief executive officer since 2014, was revealed in March of this year. He was named chief operating officer of the bank on April 1, and is scheduled to begin his tenure as CEO on November 1.
In remarks accompanying CIBC’s Tuesday press release, Culham said the executive changes were aimed at “accelerating our momentum by delivering on our client-focused strategy and by fostering a purpose-led, connected culture, which starts with our leadership team and extends to every corner of our bank.”
CIBC currently ranks as Canada’s fourth-largest bank by assets held, according to Investopedia, behind Royal Bank of Canada (RBC), TD Bank, and the Bank of Montreal (BMO), and ahead of Bank of Nova Scotia (Scotiabank) and National Bank of Canada.
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