Victor Dodig, president and CEO of CIBC, has announced two retirements today.
First, he says senior executive vice-president Tom Woods will be retiring from the bank as of December 31, 2014. In the interim, he’ll report directly to Dodig.
Woods has worked at the bank since 1977, when it was Wood Gundy. He’s held positions such as head of Canadian corporate banking, CFO (2000-2007) and chief risk officer (2008-2013). Most recently, he served as a vice chairman of the bank.
Woods serves on the boards of TMX Group and St. Joseph’s Health Centre, and he’s on the board of advisors of the Department of Mechanical and Industrial Engineering at University of Toronto.
The second executive leaving the bank is COO Richard Nesbitt, who originally planned to retire in October 2015. However, over the last several months, Nesbitt has worked to ensure a smooth transition of his responsibilities.
Nesbitt joined the bank in 2008 as CEO of CIBC World Markets. In 2011, he took on expanded responsibility for CIBC’s international operations and technology and operations division, as well as responsibility for the bank’s strategy. In 2013, he was appointed Chief Operating Officer.
Prior to joining the bank, he was CEO of the TSX Group, having joined TSX as president of TSX Markets in 2001. In the past, he also worked at BayStreetDirect (an Internet based investment dealer), HSBC Securities and CIBC Wood Gundy.
Nesbitt is chair of the finance committee for the TORONTO 2015 Pan Am/Parapan Am Games. He’s also a member of several boards, such as the Women in Capital Markets advisory council and of the Sick Kids Foundation board of directors.