Latest news with #HarryCulham
Reuters
6 days ago
- Business
- Reuters
Canada's CIBC shakes up leadership ranks ahead of CEO transition
Aug 12 (Reuters) - Canadian lender CIBC ( opens new tab reshuffled its executive team on Tuesday, as it prepares for incoming Chief Executive Officer Harry Culham to take the helm in November. The bank named Christian Exshaw its group head of capital markets, home to its crucial investment banking arm. It also appointed Kevin Li as the U.S. region chief to boost its ranks in a key international market. Hratch Panossian will be CIBC's head of personal and business banking, while Susan Rimmer will lead commercial banking and wealth management. The appointments reflect the fifth largest Canadian bank's efforts to sharpen its strategic focus ahead of a leadership shift in November, when Culham will take over as CEO from veteran Victor Dodig, who is retiring. Culham joined CIBC in Vancouver as an intern, participating in its graduate programs. He held senior banking roles in Europe and Asia before rejoining CIBC in 2008. He became the head of the capital markets unit in 2015. Other changes at the company include the appointment of Christina Kramer as CIBC's chief administrative officer and Amy South as executive vice president of the CEO's office. Stephen Scholtz will also become the bank's global chief legal officer.
Yahoo
7 days ago
- Business
- Yahoo
CIBC rings in executive changes as it gets ready for a new CEO
Canadian Imperial Bank of Commerce (CIBC) is making several changes to its most senior team as it gets set to welcome its new chief executive in November. Harry Culham, who is set to take over the reins from Victor Dodig as chief executive, said the changes will help the bank 'position' for the future. '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,' he said in a statement on Tuesday. 'Each of these leaders brings exceptional experience, a proven track record of performance.' As part of the changes, Shawn Beber, who headed CIBC's United States operations, will retire from the bank after 23 years on July 1, 2026, and will be appointed special adviser in November. He used to be the bank's chief risk officer prior to his current role. Chief legal officer Kikelomo Lawal will also retire. Kevin Li, currently head of the bank's global investment banking segment and previously head of CIBC in Europe, will be appointed as the head of the U.S. region. Christian Exshaw, currently the bank's deputy head of capital markets, will be appointed as group head of the same segment. Several other executives will continue in their existing roles under Culham. For example, Hratch Panossian will continue to be the bank's personal and business banking segment, but his responsibilities will be expanded to include contact centres and client marketing, CIBC said. Susan Rimmer will continue her current role as head of the commercial banking and wealth management segment, but take on the additional oversight of CIBC Caribbean. Chief financial officer Robert Sedran and chief risk officer Frank Guse will also continue in their roles. In March, CIBC announced Dodig was going to retire after spending more than a decade at the top post. He will act as a special adviser to Culham for six months after leaving the post. Dodig played a key role in transforming 'CIBC into the modern, relationship-oriented bank it is today,' Kate Stevenson, chair of the bank's board of directors, said in a release in March. CIBC urges firms to 'be bold' in stock deals CIBC beats expectations as volatile trading boosts capital CEOs of Canadian banks tend to retire after a decade, and Dodig will be the second Big Six CEO to retire this year, following Toronto-Dominion Bank's Bharat Masrani, who left his post in February. Royal Bank of Canada's Dave McKay is the only other CEO in the group with more than 10 years of experience at the top spot. • Email: nkarim@
Winnipeg Free Press
7 days ago
- Business
- Winnipeg Free Press
CIBC making senior executive changes ahead of CEO change in November
TORONTO – CIBC is making changes to its senior executive ranks ahead of Harry Culham's move into the role of president and chief executive later this year. The bank says Christian Exshaw will be appointed senior executive vice-president and group head, capital markets, while Kevin Li will be appointed senior executive vice-president and group head, U.S. region, as well as president and CEO, CIBC Bank USA. CIBC also says Christina Kramer will be appointed senior executive vice–president and chief administrative officer. Hratch Panossian, senior executive vice-president and group head, personal and business banking, will add contact centres and client marketing to his mandate, while Susan Rimmer, senior executive vice-president and group head, commercial banking and wealth management, will add oversight of CIBC Caribbean. Amy South will be appointed executive vice-president, office of the CEO and chief of staff, and Stephen Scholtz will be appointed global chief legal officer. Culham, who had led CIBC's capital markets business, was appointed chief operating officer earlier this year ahead of his move to the CEO suite on Nov. 1 to succeed Victor Dodig in the top job. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published Aug. 12, 2025. Companies in this story: (TSX:CM)
Cision Canada
7 days ago
- Business
- Cision Canada
CIBC Announces Senior Executive Leadership Changes Français
TORONTO, Aug. 12, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced senior leadership appointments to its Group Executive Leadership Team that will position the bank for the future and further accelerate the execution of its client-focused strategy as Harry Culham assumes the role of President and CEO, November 1, 2025. "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," said Mr. Culham. "Our strategic investments and our people have enabled our growth, and the changes we're announcing today will help position us for the future. Each of these leaders brings exceptional experience, a proven track record of performance and exemplifies our purpose-led and collaborative culture." Christian Exshaw will be appointed Senior Executive Vice-President and Group Head, Capital Markets. In this role, he will have accountability for Capital Markets globally. He was appointed to an expanded role as Deputy Head of Capital Markets in 2024, leading CIBC's Global Markets, Global Corporate and Global Investment Banking teams. "From his early days on the trading floor to his many years in key leadership roles across Capital Markets, Christian is known for his clear focus on our clients, execution, innovation and bringing a growth mindset to our bank," said Mr. Culham. Kevin Li will be appointed Senior Executive Vice-President and Group Head, U.S. Region; President and CEO, CIBC Bank USA. He is currently Managing Director and Head, Global Investment Banking, and was previously Head of CIBC in Europe, and has held various senior roles in Canada. He first joined CIBC in 1994 and has been based in Chicago since 2018. "Kevin has consistently brought a strong client focus and disciplined approach to growing our business across borders," said Mr. Culham. "Drawing on his deep relationships in the U.S., Canada and Europe, he will provide exceptional leadership for our U.S. team." Christina Kramer will be appointed Senior Executive Vice-President and Chief Administrative Officer (CAO), CIBC. She will continue to lead CIBC's Technology, Infrastructure and Innovation group, and adds accountability for Corporate Governance, Client Complaints, Environment, Social and Governance (ESG), as well as CAO teams across the enterprise. "A trusted leader, Christina brings tremendous leadership and deep experience, drawing on strategic and operational capabilities that have served our bank well over the course of her career," said Mr. Culham. Hratch Panossian, Senior Executive Vice-President and Group Head, Personal and Business Banking, continues in his current role and will expand his mandate to include contact centres and client marketing. "Under Hratch's leadership, our retail bank has continued to build strong momentum," said Mr. Culham. "His strategic perspective, client-centred approach, and commitment to innovation, modernization and digitization are enabling our team to attract new clients to our bank, deepen relationships and grow our Personal and Business Banking franchise." Susan Rimmer, Senior Executive Vice-President and Group Head, Commercial Banking and Wealth Management, continues in her current role leading this strategic business unit in Canada and will add oversight of CIBC Caribbean. "Susan exemplifies our client-focused, highly connected approach to serving our clients," said Mr. Culham. "Under her leadership our team in the Caribbean will further our momentum in deepening client relationships and building connectivity across our bank." Amy South will be appointed Executive Vice-President, Office of the CEO and Chief of Staff. Her responsibilities will include the Strategic Client Office, Government Relations, CIBC's Economics group and oversight of CIBC Mellon. "Amy is a proven leader with extensive experience, and she will continue to play an important role in enabling our connectivity and building strong client relationships across our bank," said Mr. Culham. Stephen Scholtz will be appointed Global Chief Legal Officer. He was most recently General Counsel, Canada. Stephen has held progressively more senior roles in Legal during his almost 20-year career with CIBC, as well as at leading legal firms prior to joining the bank. "Stephen is a respected leader on our team, and he is well positioned to take on the leadership of our legal affairs globally," said Mr. Culham. "His expertise across various facets of legal and wise counsel will be an asset as he steps into his new role." Alongside these leaders, the following executives will continue in their roles as part of our Group Executive Leadership Team, providing further continuity and strong execution of our client-focused strategy: Frank Guse, Senior Executive Vice-President and Chief Risk Officer Robert Sedran, Senior Executive Vice-President and Chief Financial Officer and Enterprise Strategy Sandy Sharman, Senior Executive Vice-President and Group Head, People, Culture and Brand In addition to today's appointments, the following leaders will be retiring from CIBC: Shawn Beber, Senior Executive Vice-President and Group Head, U.S. Region; President and CEO, CIBC Bank USA, will retire from the bank after 23 years on July 1, 2026, and will be appointed as Special Advisor on November 1, 2025 to ensure a smooth leadership transition. Prior to his current role, he served as Chief Risk Officer, and previously held senior roles with CIBC including General Counsel, head of Strategy and Corporate Development, and head of U.S. Capital Markets. "During his tenure, Shawn has brought deep expertise and knowledge of both financial services and our bank," said Mr. Culham. "He has been instrumental in our progress in the U.S., ensuring that we have a strong, diversified cross-border platform and a disciplined, risk controlled approach to growing the business." Kikelomo Lawal, Executive Vice-President and Chief Legal Officer will retire from CIBC. In her role, she oversaw Legal, Corporate Governance, Client Complaints, Government Relations as well as leading the development of the bank's enterprise ESG strategy. "Kikelomo is an accomplished leader and legal professional, and she has been instrumental in building and embedding sustainability into our operations, which will help guide our efforts for years to come," said Mr. Culham. "We have a strong, highly connected and purpose-led team that is focused on making client ambitions real and executing our strategy every day," said Mr. Culham. "Building on the continuity and depth of our leadership team, I'm looking forward to working closely with each of these senior leaders in their new and expanded roles, as well as our entire leadership team as we further our momentum. I would also like to recognize and thank Jon Hountalas, Vice-Chair, North American Banking, who announced his retirement earlier this year after 15 years with CIBC and 40 years in Financial Services, for his many contributions to our bank and his deep commitment to our clients." "On behalf of our entire CIBC team, I want to recognize Victor for his continued strong leadership throughout the transition," added Mr. Culham. "Together, we've had the opportunity to engage directly with clients, our team, investors, and members of the community in every market we operate in. The continuity he has provided and the collective focus we see in our experienced leadership team has been integral to a smooth transition, and will serve as a strong foundation as we go forward."
Globe and Mail
29-05-2025
- Business
- Globe and Mail
CIBC profit tops estimates on better-than-expected provisions for bad loans
Canadian Imperial Bank of Commerce CM-T reported higher second-quarter profit that beat analysts' estimates as the lender set aside lower-than-expected provisions for loans that could default and stronger activity in capital markets. CIBC earned $2-billion, or $2.04 per share, up 15 per cent from the same quarter last year. Adjusted to exclude certain items, the bank said it earned $2.05 per share. That edged out the $1.90 per share analysts expected, according to S&P Capital IQ. 'We are navigating the volatility in the global business environment from a position of strength, supported by our robust capital position, disciplined risk management and strong credit quality,' CIBC chief executive officer Victor Dodig said in a statement. In March, CIBC tapped head of capital markets Harry Culham as its next CEO in October. CIBC is the fifth major Canadian bank to report earnings for the fiscal second quarter. Over the past week, Toronto-Dominion Bank, Bank of Montreal and National Bank of Canada posted results that beat analyst estimates, while Bank of Nova Scotia's profit missed expectations. Royal Bank of Canada also releases results on Thursday. Analysts expected Canada's banks to continue grappling with higher loan loss reserves activity as U.S. President Donald Trump's trade war threatens a deeper economic downturn. In the quarter, CIBC set aside $605-million in provisions for credit losses – the funds banks set aside to cover loans that may default. That was lower than analysts anticipated, and included $142-million against loans that are still being repaid, based on models that use economic forecasting to predict future losses. In the same quarter last year, CIBC set aside $67-million in provisions. Total revenue rose 14 per cent in the quarter to $7-billion while expenses increased 9 per cent to $3.8-billion, which the bank said was driven higher performance-based compensation. Profit from Canadian personal and business banking was $734-million, up 4 per cent from a year earlier, driven by higher revenue. The Canadian commercial and wealth management division generated $549-million of profit, up 13 per cent on higher loan and deposit margins and fee income, as well as an increase in fee-based revenue from higher average assets under administration and assets under management. Profit from the bank's U.S. commercial banking and wealth management unit was up 79 per cent at $122-million, driven by higher revenue and a lower provision for credit losses. Capital markets profit rose 20 per cent to $566-million on higher financing and trading revenue, corporate banking revenue and debt underwriting activity.
