CIBC president and CEO Gerry McCaughey intends to retire in two years.
He joins a number of Canadian bank CEOs who have announced their retirement plans over the past year.
Gordon Nixon, president and CEO of Royal Bank of Canada, and Ed Clark, president and CEO of TD Bank Financial Group, both intend to retire this year. Rick Waugh retired as CEO of Scotiabank late last year.
“As I close in on a decade as CEO, I wanted to announce my retirement well in advance of my departure, thus giving CIBC’s board sufficient time to complete its normal succession process, which is now well under way,” says McCaughey.
The company says its board has a succession process under way and is committed to ensuring a seamless transition to new leadership.
“When I became CEO, we charted a path to strengthen CIBC’s balance sheet, refocus on our core businesses and improve our efficiency. Six years after the global financial crisis, CIBC is now stronger than ever,” McCaughey explains. “I will continue to lead the execution of our strategy while the board completes its work on succession.”
While he intends to retire on April 30, 2016, the actual date of his retirement will be finalized upon completion of the succession process.
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