CIBC announces key leadership changes for 2024

Victor Dodig unveils executive appointments to bolster CIBC's client-focused strategy

CIBC announces key leadership changes for 2024

CIBC (Canadian Imperial Bank of Commerce) has announced a series of senior leadership appointments, as declared by president and CEO Victor Dodig.

These appointments aim to bolster the bank's client-centric strategy, enhance leadership depth, and maintain business momentum.

In a statement, Dodig expressed the bank's commitment to its strategy, “Across our bank, we have a highly connected team that is acting with purpose to make ambitions a reality as we execute our client-focused strategy,” emphasizing that this approach has been pivotal to CIBC's success.

He further stated, "This has been a cornerstone of our success, and the leadership changes we are announcing today further reinforce our connected culture as we continue to build on our momentum and create sustainable value for all our stakeholders."

Jon Hountalas, working as senior executive vice-president (SEVP) and Group Head of Canadian Banking, has led the division to significant achievements in client acquisition and experience.

To further this progress, Hratch Panossian will step in as SEVP and head of personal and business banking, reporting jointly to Dodig and Hountalas, and will remain a member of the bank's Executive Committee.

Panossian's role evolves from chief financial officer, a position where he led finance, treasury, and enterprise strategy and corporate development teams since joining CIBC in 2011.

Dodig highlighted Panossian's suitability for the role, noting, “[Panossian]’s expertise in financial services, background in technology and innovation, and commitment to building long-lasting client and team relationships position him well to take on his new role.”

Harry Culham will continue as SEVP and group head of capital markets and direct financial services, taking on additional responsibilities for enterprise strategy and corporate development, along with the bank's Strategic Client Office.

Culham, who joined the bank in 2008, has been instrumental in leading Capital Markets and recently added direct financial services to his portfolio, along with overseeing CIBC's operations in the Caribbean and CIBC Mellon.

Shawn Beber retains his position as SEVP and group head, US Region, and president and CEO, CIBC Bank USA, a role he has excelled in since 2022. Dodig praised Beber's leadership, especially in challenging market conditions, underscoring the strategic significance of the U.S. region for CIBC's growth.

Robert Sedran is named the new SEVP and chief financial officer, joining the Executive Committee. Previously serving as CIBC's Treasurer, Sedran's extensive experience in financial services and strategic roles positions him as a key addition to the team.

Dodig remarked on Sedran's appointment, “Robert brings a deep understanding of the banking sector and finance, and a strategic perspective.”

Also continuing in their respective roles on the executive committee are Frank Guse, SEVP and chief risk officer; Christina Kramer, SEVP and group head, technology, infrastructure, and innovation; Kikelomo Lawal, executive vice-president and chief legal officer; and Sandy Sharman, SEVP and group head, people, culture, and brand.

Dodig concluded, “CIBC's leadership team is a key driver of the bank's success. These appointments serve to support the execution of our client-focused strategy and are another example of how we're reinforcing our connected culture and team, leveraging, and further strengthening the capabilities of our leaders to position our bank for the long-term.”

These appointments are effective April 1.