July 31, 2014 / 4:23 PM / 4 years ago

CIBC says Victor Dodig to become CEO in September

TORONTO, July 31 (Reuters) - Canadian Imperial Bank of Commerce on Thursday named Victor Dodig as chief executive as of September, replacing Gerry McCaughey when he steps down two years earlier than expected.

Dodig is the head of wealth management at CIBC, Canada’s fifth-largest bank.

McCaughey, who has led the bank since 2005, signaled earlier this year he planned to step down, but said at the time he would stay on until April 2016.

He became CEO in 2005, when the bank was licking its wounds from a series of disastrous investments during the dot-com bust and dealing with the fallout of its ties to collapsed energy trader Enron Corp.

McCaughey embarked on a plan to de-risk the bank, sharply downsizing CIBC’s Wall Street presence, and shifting its focus away from wholesale and investment banking and toward domestic retail lending and wealth management.

The move comes amid a generational changing of the guard at Canada’s top five banks, which together dominate the country’s domestic banking sector. (Reporting by Cameron French; Editing by Richard Chang)

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