Corporate Governance
CIBC is well known for its publicized battles of succession to the top position of President and CEO (formerly styled Chairman and CEO until 2003 when the positions were separated). When Al Flood became CEO, one of his first acts was to fire his chief rival Paul Cantor. 1999 saw a competition between Wood Gundy (now CIBC World Markets) chief John S. Hunkin and Personal/Commercial banking head Holger Kluge, with Kluge retiring the firm after Hunkin was selected. In February 2004, Hunkin forced his friend and heir-apparent David Kassie to resign as Chairman and CEO of World Markets after several scandals in the US (both men had given up their bonuses in 2002 after that year produced the worst results in the history of CIBC). Kassie afterwards founded Genuity Capital and was alleged to have raided 20 key employees from World Markets for his new startup, causing CIBC to file a lawsuit. Gerald T. McCaughey was named as Kassie's replacement for World Markets. Not long after he was promoted to President and Chief Operating Officer, assuring his succession to CEO, Jill Denham, Vice Chair of Retail Markets and a potential candidate for the CEO post, was reportedly dismissed by McCaughey. Denham was reported close to Hunkin and Kassie and McCaughey wanted to build his own senior executive team.
Current senior executive team:
- Gerald T. McCaughey - President and CEO
- Mike Capatides - Chief Administrative Officer and General Counsel, Administration Division
- Victor Dodig - Senior Executive Vice-President, and Group Head, Wealth Management
- Kevin Glass - Senior Executive-Vice President, and Chief Financial Officer
- Richard Nesbitt - Senior Executive Vice-President, and Group Head, Wholesale, International, and Technology and Operations
- Hon. Jim Prentice P.C., Q.C. - Senior Executive Vice-President and Vice Chairman
- Richard E. Venn - Senior Executive Vice-President, and Managing Director and Deputy Chair, CIBC World Markets Inc.
- David Williamson - Senior Executive Vice-President, and Group Head, Retail and Business Banking
- Tom Woods - Senior Executive Vice-President and Chief Risk Officer, Risk Management
Current members of the Board of Directors:
- Brent S. Belzberg (2005); Senior Managing Partner, Torquest Partners Inc.
- Jalynn H. Bennett (1994) C.M.; President, Jalynn H. Bennett and Associates Ltd.
- Gary F. Colter (2003) F.C.A.; President, CRS Inc.
- Dominic D'Alessandro (2010); Past President and Chief Executive Officer, Manulife Financial Corporation
- Patrick D. Daniel(2009) B.S., M.S. Chem. E; President and Chief Executive Officer, Enbridge Inc.
- Luc Desjardins (2009); Equity Partner, The Sterling Group, LP
- Gordon D. Giffin (2001); Senior Partner, McKenna Long & Aldridge LLP
- Linda S. Hasenfratz (2004); Chief Executive Officer, Linamar Corporation
- Nicholas D. Le Pan (2008); Consultant, 6610587 Canada Inc.
- John P. Manley, P.C. (2005); President and Chief Executive Officer, Canadian Council of Chief Executives
- Gerald T. McCaughey (2005); President and Chief Executive Officer, CIBC
- Jane L. Peverett (2009); Corporate Director
- Leslie Rahl (2007) B.Sc., M.B.A.; Founder and Managing Partner, Capital Market Risk Advisors, Inc.
- Charles Sirois (1997) C.M., B.Fin., M.Fin.; Chair of the Board, CIBC
- Robert J. Steacy (2008); Corporate Director
- Katherine B. Stevenson (2011); Corporate Director
- Ronald W. Tysoe (2004); Corporate Director
Read more about this topic: Canadian Imperial Bank Of Commerce
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