Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99per week for the first 24weeks
Just $1.99per week for the first 24weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

Victor Dodig appointed President and Chief Executive Officer of CIBC

Handout

Canadian Imperial Bank of Commerce's surprise search for a new chief executive officer has come to end, with the lender naming Victor Dodig as its new president and CEO.

Mr. Dodig, currently the bank's wealth management head, will have relatively little time to prepare for the role as he takes over Sept. 15. By contrast, recent Canadian bank CEO transition periods have ranged from seven to 18 months.

CIBC, currently Canada's fifth-largest bank, shocked shareholders in April by announcing plans for CEO Gerry McCaughey to retire, news that came out just one year into a new four-year CEO contract. At the time, the board said Mr. McCaughey could stay in his role for up to two years, but he is ultimately leaving just five months later.

Story continues below advertisement

From the outset, CIBC chair Charles Sirois said he and the board would cast their search net far and wide, and would ideally interview both internal and external candidates. Of the internal names, Mr. Dodig was up against retail and business banking head David Williamson, who oversees the group that generates roughly 70 per cent of CIBC's bottom line. Sources say the two men get along, so horrors of past horse races do not apply, but their respective camps didn't want to be outshone.

Although Mr. Dodig is an internal appointment, he joined CIBC from UBS Global Asset Management (Canada), where he ran the Swiss bank's Canadian wealth management arm. Mr. Dodig was hired by Mr. McCaughey when the outgoing CEO was first putting his stamp on the bank in 2005.

Mr. Dodig's appointment comes as CIBC stresses the need to expand in wealth management, with the current management team seeking to raise profits from the unit to 15 per cent of the bank's share, or more. In the last quarter, wealth management generated 12 per cent of CIBC's bottom line.

In addition to his recent wealth management role, Mr. Dodig has experience on the retail banking side, having run CIBC's retail distribution and sales team from 2007 to 2011.

Prior to joining UBS, Mr. Dodig was a manager director at Merrill Lynch – where Mr. McCaughey also used to work – and before that, he was a management consultant at McKinsey & Co.

"I feel privileged that the Board has asked me to lead CIBC into the next phase of its growth and development," Mr. Dodig said in a statement.

The end of the CEO search also finishes the tsunami of speculation sparked by the April announcement, given that CIBC did not immediately name a new CEO. It is rare to see a Canadian bank decline to at least identify the new chief immediately, and the search process set off fears that there would be an internal battle or dogfight that would lead to the loser leaving the bank.

Story continues below advertisement

The first news that the bank was looking for a new head also came just a month after CIBC announced that Richard Nesbitt, the current chief operating officer, would retire. Some on Bay Street speculated that he was the next person in line to be chief, but his news of his retirement dramatically altered the playing field.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies