Richard Nesbitt, currently the CEO of TSX Group, will join CIBC World Markets as its new chief executive next month after the bank announced it had nearly $1 billion in writedowns last year as a result of the subprime mortgage mess.
CIBC also announced a couple other appointments: David Williamson, the former CFO of Clarica Life and the former senior vice-president of strategic planning and development at Canada Life, will become the bank’s new chief financial officer. And the bank’s current CFO, Tom Woods will be the new chief risk officer effective immediately.
“Richard Nesbitt and David Williamson are talented and respected executives who share CIBC’s vision of creating shareholder value by delivering consistent, solid and sustainable growth over time,” says Gerry McCaughey, president and CEO of CIBC. “We are pleased that they will be joining CIBC.”
Brian Shaw, CEO of CIBC World Markets, and Ken Kilgour, chief risk officer, will be leaving CIBC.
Last week, the chief executive of State Street Global Advisors resigned after State Street announced it would take a charge to pay for legal costs related to the subprime mortgage crisis.
To comment on this story, email craig.sebastiano@rci.rogers.com.