CIBC is reshuffling its senior leadership team as chief executive officer Victor Dodig steps down.Fred Lum/The Globe and Mail
Canadian Imperial Bank of Commerce CM-T is shaking up its most senior leadership team, as Harry Culham prepares to take the reins from chief executive officer Victor Dodig.
Mr. Culham, CIBC’s current chief operating officer and a former head of its capital markets business, will step into the role of CEO on Nov. 1, the start of the bank’s fiscal year.
As part of the overhaul, the head of the bank’s U.S. region, Shawn Beber, who was considered a contender for the CEO seat, is leaving the bank, along with chief legal officer Kikelomo Lawal.
“Across CIBC, we are 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,” Mr. Culham said in a statement.
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Mr. Beber will retire from the bank after 23 years on July 1, 2026, CIBC said in a statement. He will be appointed special adviser on Nov. 1 to advise during the leadership transition. He has led the U.S. division since 2022, overseeing a tumultuous period as the bank grappled with higher provisions for loan losses, including deteriorating office real estate loans.
Since joining CIBC in 2002, he has served as the chief risk officer, general counsel, head of strategy and corporate development and head of U.S. capital markets. He was also part of the team that oversaw CIBC’s acquisition of Chicago-based PrivateBancorp Inc. in 2017.
Head of global investment banking Kevin Li will become head of the U.S. region and CEO of CIBC Bank USA. Since joining the bank in 1994, Mr. Li has worked as the head of CIBC in Europe and has held senior roles in Canada. He has been based in Chicago since 2018.
Christian Exshaw, who was named deputy head of capital markets in a leadership shakeup last year, is taking on Mr. Culham’s former role as head of capital markets.
Harry Culham will take over as CIBC CEO on Nov. 1, the start of the bank’s fiscal year.Supplied
Former chief financial officer Hratch Panossian will continue in his role as head of personal and business banking and will take on an expanded mandate that includes the bank’s customer contact centres and client marketing. Since joining CIBC in 2011, Mr. Panossian has held roles such as global controller and has worked in the strategy and corporate development and treasury divisions.
Susan Rimmer, the head of commercial banking and wealth management, will remain in her current role and will add oversight of CIBC’s Caribbean business.
Christina Kramer, currently the head of technology, infrastructure and innovation, will step into the role of chief administrative officer. She will continue to oversee the technology, infrastructure and innovation division but will also lead the corporate governance, environment, social and governance group, as well as the CAO teams.
CIBC’s general counsel for Canada, Stephen Scholtz, will replace Ms. Lawal – who joined CIBC in 2020 – as global chief legal officer.
Amy South, currently Mr. Culham’s chief of staff, will become executive vice-president of the office of the CEO, overseeing the strategic client office, government relations, the economics group and CIBC Mellon.
Chief risk officer Frank Guse, CFO Robert Sedran and head of people culture and brand Sandy Sharman will continue in their roles.