TORONTO — CIBC says its president and chief executive Victor Dodig is set to retire this fall and will be succeeded by Harry Culham, who has led the bank's global capital markets division since 2015.
Dodig, who has been at the helm of CIBC since September 2014, will serve as CEO until Oct. 31. The bank said he would continue on as a special adviser to Culham and the board afterward until April 30, 2026.
Culham was also appointed chief operating officer effective April 1. The bank said all of its operating businesses will report to Culham during the transition, while CIBC's corporate functions will continue to report to Dodig until his retirement.
"It has been an honour to lead CIBC and work alongside such a dedicated and purpose-led team," said Dodig in a press release on Thursday.
"Together, we have built a strong foundation for the future, with a clear and consistent strategy focused on client relationships, financial strength, innovation, sustainability and genuine community engagement."
Board of directors chair Kate Stevenson touted CIBC's acquisitions of PrivateBancorp, Inc. and Costco's Canadian credit card portfolio during Dodig's time as CEO. She said the latter added more than two-million clients to CIBC, including many mass affluent and business banking clients.
She also highlighted "transformative" investments in digital banking and technology to modernize the bank under his leadership.
"Victor's tenure as president and CEO has been marked by a relentless focus on our clients and an unwavering commitment to transforming CIBC into the modern, relationship-oriented bank it is today, with a connected culture that brings the best of CIBC to its clients," she said.
Culham first joined the bank as an intern in Vancouver and participated in one of its first-ever graduate programs. He then took on senior roles in capital markets with global banks in Europe and Asia before rejoining CIBC in 2008.
"Harry's approach to creating shareholder value through disciplined execution, prudent and risk-controlled growth, and a focus on clients are ideally suited to furthering CIBC's momentum," said Stevenson in a release.
Dodig called his successor a proven leader whose "client focus, inclusive leadership and track record of performance and consistency position him perfectly to take the bank forward and build on the momentum we have established."
Culham said he looked forward to taking on his new responsibilities.
"I am enormously proud of the work we have done under Victor's leadership and am excited to build on our current momentum to fully realize the value of the strategy we have put in place over the past several years," he said.
This report by The Canadian Press was first published March 13, 2025.
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Sammy Hudes, The Canadian Press
