CIBC names new wealth management head, and other changes

CIBC president and CEO Victor Dodig has announced changes to the bank’s organizational structure and leadership team.

One of the changes is to CIBC’s wealth management division. Jon Hountalas, who leads the bank’s commercial banking business, is coming in as group head of commercial banking and wealth management, Canada. Meanwhile, wealth management chief Steve Geist will leave at the end of the year when the transition of the wealth management business is completed. Key businesses include CIBC Asset Management, CIBC Wood Gundy and CIBC Private Wealth Management.

Financial Post reports that Dodig, in an interview, said the changes “provide an opportunity for the next generation of leadership.”

Effective today, the following senior executive vice-presidents will report to Victor Dodig and make up the bank’s executive committee.

Leading CIBC’s strategic business units are:

Harry Culham, who continues as group head of capital markets, with responsibility for global markets and investment banking, and assumes responsibility for corporate banking.
Hountalas, who has been named group head of commercial banking and wealth management, Canada. He will continue to lead the commercial banking business but also assume responsibility for the bank’s key wealth businesses.
Christina Kramer, who has been named group head of personal and small business banking, Canada.
Larry Richman, who will become group head of the bank’s U.S. region, as well as president and CEO of The PrivateBank, upon completion of the acquisition of PrivateBancorp, Inc.

Leading CIBC’s functional teams are:

Mike Capatides, who continues as chief administrative officer and general counsel, and assumes accountability for CIBC FirstCaribbean International Bank.
Laura Dottori-Attanasio, who continues as chief risk officer.
Kevin Glass, who continues as chief finance officer.
Deepak Khandelwal, who will join CIBC in August as group head of client connectivity and innovation as well as lead the bank’s client focus and innovation agenda.
Kevin Patterson, who continues as group head of technology and operations.
Sandy Sharman, who has been named chief human resources and communications officer.

Further, Brian Lee continues as senior vice-president and chief auditor.

Finally, David Williamson, group head of retail and business banking, will leave CIBC in the first quarter of 2018.

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