CIBC names new chief executive for U.S. business

Toronto-based Canadian Imperial Bank of Commerce (CIBC) has named Michael Capatides president and CEO of its U.S. business.

On April 1, Capatides will take over as head of CIBC Bank USA and the CIBC’s U.S. bank holding company, succeeding Larry D. Richman.

“Since the acquisition of The PrivateBank in 2017, our U.S. Commercial Banking and Wealth Management business has performed very well and has reached a milestone of becoming accretive to earnings more than a year ahead of schedule,” CIBC president and CEO Victor G. Dodig said in a statement.

Capatides was “instrumental” in the 2017 acquisition of The PrivateBank, a release said, and he played “a lead role” in the integration process.

Richman will become chair of the U.S. business and remain a member of the CIBC USA board.

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