CIBC names Victor Dodig as new president & CEO

CIBC has named Victor Dodig as its new president and CEO.

Dodig is a senior executive vice-president of the bank’s wealth management group. He will take over on Sept. 15 for CEO Gerry McCaughey, who is retiring.

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

He has a long history at the bank, where he started working as a customer service representative as a university student.

Dodig was formerly the managing director and chief executive in Canada for UBS Global Asset Management and has worked for Merrill Lynch and Company and McKinsey and Company.

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

“CIBC has a strong foundation for long-term success, with a strong capital base, leading retail and wholesale banking franchises, and a strong North American wealth management platform. I am excited to build on the positive momentum of this great bank. Above all, I am committed to creating value and opportunity for our clients, our shareholders and our employees,” he said.

McCaughey, who has been CIBC’s president and chief executive since August 2005, is the fourth CEO from Canada’s Big Five banks in the past year to announce his retirement, following Gordon Nixon of Royal Bank, Rick Waugh of ScotiaBank and Ed Clark of TD.

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