June 20, 2017 / 12:51 PM / a year ago

CIBC shakes up management, retail head Williamson to leave

TORONTO, June 20 (Reuters) - Canadian Imperial Bank of Commerce on Tuesday announced changes to its management team, including the departure of retail head David Williamson, who had been a contender for the top job, and wealth management chief Steve Geist.

Christina Kramer, currently executive vice president, retail distribution and channel strategy, was promoted to group head, personal and small business banking and will oversee the bank’s retail operations.

Jon Hountalas, who runs the bank’s commercial banking business, will also assume responsibility for wealth management in an expanded role as group head, commercial banking and wealth management.

Harry Culham will continue to run the bank’s capital markets business while Larry Richman, chief executive officer of PrivateBancorp, which CIBC is in the process of acquiring, will become group head, US region, when the deal closes on June 23.

Williamson, who had been a contender to become CEO of the bank before Victor Dodig was appointed CEO in 2014, will leave the bank in the first quarter of 2018. Geist will leave at the end of the year.

CIBC, Canada’s fifth biggest lender, last month reported second-quarter earnings that beat market expectations, benefiting from growth across its businesses. (Reporting by Matt Scuffham; Editing by Jeffrey Benkoe)

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