CIBC Expands Executive Roles to Unify North American Operations

CIBC Expands Executive Roles to Unify North American Operations

Canadian Imperial Bank of Commerce (CIBC) on Thursday expanded the responsibilities of several top executives as it seeks to bring its Canadian and U.S. businesses closer together. The announcement followed CIBC's plan to sell a 91.7% stake in CIBC Caribbean to Bermuda-based Butterfield for approximately $1.6 billion, as it redirects capital toward growth priorities in North America.

New Appointments and Expanded Roles

The bank named Susan Rimmer, head of Canadian commercial banking, as senior executive vice-president and group head of commercial banking, expanding her role to oversee the segment's Canadian and U.S. operations. Eric Belanger was appointed senior executive vice-president and group head of wealth management, with oversight of the business across Canada and the U.S., including global asset management and private banking units.

Other Changes

CIBC said senior executive vice-president Christina Kramer will transition to a special advisor role before leaving on October 31. The bank also appointed Amy South as senior executive vice-president, chief administrative officer and chief of staff, adding that she will retain oversight of CIBC Mellon. The lender reported a second-quarter profit on Thursday, topping analysts' expectations on strong performance in its capital markets business.