CIBC’s chief operating officer, Richard Nesbitt, has announced his intention to retire effective October 2015.
“I, and the board of directors, respect Richard’s decision and appreciate his commitment to ensure a smooth transition to new leadership in his areas of responsibility,” says Gerry McCaughey, the bank’s president and CEO. “In the meantime, he will continue to be a key member of the executive team focused on building further momentum in our business and increased focus on our clients.”
Nesbitt joined CIBC in 2008, following his more than 27 years of experience in the securities industry.
From 2004 to 2008 he was CEO of TSX Group, having joined TSX as president of TSX Markets in 2001. Prior to joining the company in 2001, Nesbitt served as president and chief operating officer of BayStreetDirect, an Internet-based investment dealer. Before that he was president and CEO of HSBC Securities Canada for three years, after having worked for 10 years at CIBC Wood Gundy.
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