CIBC shakeup sees four executives depart, others trade roles

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Four senior vice-presidents are leaving Canadian Imperial Bank of Commerce and four others are swapping roles as part of a continuing restructuring plan that is reshaping the senior ranks of the country’s fifth-largest bank.

The departures announced internally include Dilprit Grewal, the senior vice-president in charge of personal lending, who had oversight of the bank’s mortgage lending. CIBC’s loan book is more heavily weighted toward mortgages than at other large Canadian banks, but its growth in that portfolio has stalled in recent years.

In the bank’s technology and operations arm, Carmen Puzzo, senior vice-president of enterprise programs and delivery excellence, is also leaving. And Norah McCarthy, senior vice-president of the enterprise client relationship management program, will retire at the end of September after 37 years at CIBC.

Kathleen Woodard, the senior vice-president of network operating model – a role that oversees sales operations in the retail banking division – will retire at the end of July after a 26-year career at the bank. And David Dunford, vice-president of client strategy and insights, is also leaving CIBC.

An internal memo signed by three of the bank’s top executives confirmed the departures on Friday.

“These changes are part of our efforts to simplify our bank and to build a client-focused business,” Tom Wallis, a CIBC spokesperson, said in an e-mail. “The team members leaving our bank have made significant contributions to our business and we sincerely appreciate their efforts.”

Each of the moves announced Friday are within divisions that are under new leadership after chief executive officer Victor Dodig overhauled the bank’s executive ranks in late February.

Since then, Mr. Grewal and Ms. Woodard worked under Laura Dottori-Attanasio, who took over as group head of personal and commercial banking after nearly seven years as CIBC’s chief risk officer. Mr. Puzzo and Ms. McCarthy both reported up to Christina Kramer, the former retail banking head who now runs CIBC’s technology and operations.

Early this year, CIBC took a $339-million restructuring charge and outlined plans to cut more than 2,000 jobs – or about 5 per cent of its staff – in an effort to cut costs by about $260-million a year and streamline its management structure.

In late March, CIBC made a pledge that there would be no new job losses at the bank as a result of COVID-19, and Mr. Wallis said that commitment stands.

Four other executives are moving to new roles. Steve Tyers, a senior vice-president who has served as region head for Ontario East, overseeing bank branches, will now be in charge of strategy and transformation for the bank’s retail banking division. He will be succeeded as Ontario East region head by Josh Picov, currently a senior vice-president of enterprise risk management.

Mr. Tyers takes over from Mike Donovan, who is moving back to the risk department where he worked earlier in his career, as senior vice-president of enterprise risk management, Mr. Picov’s old role. Mr. Donovan will report to Shawn Beber, who took over as chief risk officer in late February after serving as general counsel and head of corporate development.

With Mr. Puzzo’s departure, senior vice-president Mike Clabby takes over responsibility for enterprise operations and optimization in the technology and operations group.

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