The large sign outside the CIBC head office at King St. West and Bay St. in Toronto as pictured on April 17 2014.Fred Lum/The Globe and Mail
Canadian Imperial Bank of Commerce is losing one of the investment industry's best-known faces as the head of its retail brokerage arm retires.
Monique Gravel, who has been with the bank since 1978, is stepping away at the end of June, the bank recently announced internally.
Ms. Gravel started with Wood Gundy as an investment adviser after graduating from McGill in 1978 and grew to become one of the top producers in Montreal. She joined CIBC when the bank bought Wood Gundy and has been there since.
After running the division's Quebec and Atlantic Canada arm, she assumed responsibility for the entire business in 2009.
Her departure is another major change within CIBC's senior wealth management ranks in the past 18 months. Current chief executive officer Victor Dodig used to run the group, so Steve Geist took his place as group head. Shortly after, Mr. Geist hired Dave Scandiffio from Industial Alliance and made him head of asset management.
During her career Ms. Gravel rose to become one of CIBC's most senior women. When Mr. Dodig was appointed CEO in 2014 he named her to his operating committee, which is a notch below the executive group but still plays a vital role in running the entire bank.
Peter Lee is taking over for Ms. Gravel. He currently runs private wealth management and will continue to do so, but will also have responsibility for Wood Gundy.
Tim Kiladze