Canadian Imperial Bank of Commerce created a new position, vice-chairman and executive vice president, in order to lure Jim Prentice out of Ottawa.
But when the former cabinet member in Stephen Harper's government joins the bank in January, his role will be nothing new.
Mr. Prentice's job at CIBC will be similar to that of Frank McKenna at Toronto-Dominion Bank: Win friends and influence government as the bank tries to bridge the divide between Bay Street and Ottawa.
In hiring Mr. Prentice, the Calgary MP and cabinet member who stunned Ottawa Thursday by announcing his resignation from politics, CIBC is taking a page from the playbook of rival TD.
Like Mr. McKenna, the former Canadian ambassador and New Brunswick premier who joined TD as deputy chairman in 2006, Mr. Prentice will bring considerable political, corporate and public policy connections to CIBC.
Perhaps most valuable to CIBC, Mr. Prentice carries a working knowledge of present-day Ottawa, having served most recently as Environment Minister and as Industry Minister in the past. The bank said Mr. Prentice, a lawyer, will advise on public policy matters and be looked upon to build relationships with its corporate clients.
What has been left unsaid is whether Mr. Prentice is joining the bank for the long term or merely as a stopover before an eventual return to politics, including a rumoured possible run for the Tory leadership.
Mr. Prentice's time at CIBC is open-ended. The bank would not comment on his compensation, but said he will start Jan 1. Mr. Prentice resigned from cabinet Thursday and will leave as MP at the end of this year. The move has been discussed with Ottawa's ethics commissioner.
In a statement, CIBC chief executive officer Gerry McCaughey called Mr. Prentice "a proven leader with strong relationships in the corporate sector." He also cited his expertise in public policy.
"He will play an important role as we continue to build CIBC's leading position in the Canadian marketplace. We are very pleased that he will be joining our team," Mr. McCaughey said.
Mr. Prentice, who also served as Minister of Indian Affairs and Northern Development, told reporters he was making the move for family reasons.
However, the shift from politics to the corporate sector is a well-worn path. After a two-year break from politics, former Ontario premier and opposition leader Ernie Eves joined Toronto investment firm Jacob & Co. Securities Inc. as executive chairman in 2007.
Mr. McKenna has spent much of the past decade denying that he wants to return to politics, even as polls in 2006 showed him as a favourite to win the federal Liberal leadership race if he ran.
Temporary moves into the business sector are not unknown by politicians trying to build a base of corporate support before a political return. Former Alberta treasurer Jim Dinning left provincial politics in 1997 to run the Calgary Health Region and, later, chair TransAlta Corp. He eventually launched a bid to become premier of Alberta, but lost the Conservative leadership race to Ed Stelmach in 2006.
Grant Robertson