Canadian Imperial Bank of Commerce has renewed its chief executive officer’s contract, offering Gerry McCaughey four more years in the role.
Mr. McCaughey became head of CIBC in 2005, and had his contract renewed in 2009. The new contract, announced Thursday, provides the 56-year-old with another four-year window.
CIBC made the announcement in a regulatory filing that “confirms that the contract between Mr. McCaughey and CIBC has been renewed.”
Mr. McCaughey’s renewal comes roughly two months after Toronto-Dominion Bank announced that Bharat Masrani would take the CEO reins from Ed Clark in November, 2014.
Last October, Bank of Nova Scotia announced that Brian Porter had been appointed the bank’s president, putting him in line to become CEO when Rick Waugh retires.
Mr. McCaughey’s contract renewal was widely expected.