CIBC’s board of directors has chosen Victor Dodig (pictured) as the bank’s next president and CEO, effective Sept. 15, 2014.
He’s the senior executive vice-president, CIBC, and group head, wealth management. Dodig succeeds Gerry McCaughey, who will retire as of Sept. 15, 2014, which is earlier than originally planned.
“Following a robust succession planning process, the board has appointed Victor Dodig as CEO to lead the continued execution of CIBC’s strategy and drive long-term, sustainable growth,” says Charles Sirois, chair of the board. “In addition to his broad understanding of the Canadian banking business, Victor has played an integral leadership role within CIBC retail markets and wealth management.”
Under his leadership, wealth management grew significantly through organic growth in Canada and through acquisitions in the United States over the past three years such as Atlantic Trust and a 41% investment in American Century.
As group head, wealth management, he has responsibility for CIBC Wood Gundy, CIBC Investor’s Edge, CIBC Private Wealth Management, Atlantic Trust and CIBC Asset Management, which includes CIBC’s mutual fund company and investment management activities in Canada and the U.S.
Dodig also has wide-ranging experience in retail banking. He began his career working in CIBC’s branch system as a customer service representative while attending university. He later rose through increasing levels of responsibility at CIBC to lead its retail banking distribution and sales team from 2007 to 2011.
Prior to rejoining CIBC, he was managing director and CEO in Canada for UBS Global Asset Management. Earlier in his career, he spent five years as managing director in Canada, the U.S. and the United Kingdom for Merrill Lynch, following three years as a management consultant with McKinsey and Company.
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