September 15, 2014 / 1:23 PM / 4 years ago

CIBC shakes up management ranks as its new CEO steps in

TORONTO, Sept 15 (Reuters) - CIBC announced a series of management changes just as Victor Dodig stepped in to take over as chief executive on Monday.

The bank said its Chief Operating Officer Richard Nesbitt, who originally planned to retire in October 2015, will now be leaving the bank, effective immediately. Additionally, Tom Woods, its senior executive vice-president and vice-chairman, will be retiring, effective December 31.

The bank also announced expanded responsibilities for a number of its executives with David Williamson, head of retail banking, taking on responsibility for CIBC FirstCaribbean International Bank.

Steve Geist has been named group head of wealth management, taking on the role formerly held by Dodig. Harry Culham has been named managing director and group co-head of wholesale banking, along with Geoff Belsher.

The changing of the guard at Canada’s fifth-largest bank follows recent succession moves at larger rivals Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia, as the generation that took the reins of the country’s lenders in the early-to-mid 2000s makes way for new blood.

Dodig, 49, joined CIBC in 2005 and has been group head of wealth management since 2011. Before that, he was an executive at UBS Global Asset Management. Dodig replaces Gerry McCaughey, who announced plans to retire earlier this year. (Reporting by Euan Rocha; Editing by Meredith Mazzilli)

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