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CIBC chief Gerry McCaughey, left, speaks with chairman Charles Sirois before the annual meeting in Montreal on April 24, 2014. Mr. Sirois told The Globe and Mail that the bank has strong internal talent, but added that the board is also ‘scouting the outside market on a regular basis.’
CIBC chief Gerry McCaughey, left, speaks with chairman Charles Sirois before the annual meeting in Montreal on April 24, 2014. Mr. Sirois told The Globe and Mail that the bank has strong internal talent, but added that the board is also ‘scouting the outside market on a regular basis.’
(CHRISTINNE MUSCHI/REUTERS)

streetwise

With CEO search, CIBC sends encouraging message to outsiders

Ever since Canadian Imperial Bank of Commerce said it would consider hiring an outsider as chief executive officer, Bay Street has wondered just how serious the board is about looking outside the bank and whom the external candidates could be.

The conjecture stems from comments made by board chairman Charles Sirois following the bank’s annual meeting on April 24, when CIBC announced the retirement of current CEO Gerald McCaughey.