Canadian Imperial Bank of Commerce is planning its second executive shuffle in six months as longtime domestic banking chief Jon Hountalas prepares to take a new role as vice chair.
Two other senior leaders will pick up Hountalas' responsibilities as head of the Canadian banking unit, reporting to Chief Executive Victor Dodig, the Toronto-based lender said in a statement Thursday.
The moves are part of CIBC's routine talent-management process, said Dodig, who has led the company for a decade, considered a typical tenure for Canadian bank CEOs.
"I'm kind of getting into 10 years," he said in an interview, "but I want to make sure that we have a talented pool so that when the board and I say, 'You know what? It's time to evolve one more step,' — and that's not right now — we have the bench strength, the depth, and the expertise to run forward."
Susan Rimmer, currently managing director of corporate and investment banking, will become group head of commercial banking and wealth management, while Hratch Panossian will take on expanded responsibility for CIBC's digital bank, Simplii Financial.
Panossian was CIBC's chief financial officer until becoming group head of personal and business banking earlier this year and, until now, has reported to Hountalas in that role.
The latest appointments, which take effect Nov. 1, follow a similar leadership shakeup in July at rival Royal Bank of Canada, where CEO Dave McKay has also been at the helm for a decade.
It's all designed to give more leaders exposure to the highest levels of the bank, Dodig said.
"We've been doing this for years in terms of broadening out our talent, giving people more responsibility, bringing them closer and closer to the executive committee table, that circle of decision making," he said.
As vice chair of North American banking, Hountalas will take on more of a relationship role and work closely with senior leaders, Dodig said.
Harry Culham, group head of capital markets, will pick up responsibility for global asset management as part of the changes. Christian Exshaw, who already reports to Culham, will become deputy head of capital markets, taking on corporate and investment banking responsibilities from Rimmer.
Dodig also said Shawn Beber remains in his role as leader of the U.S. business, which performed well last quarter. Beber is another executive who is believed to be a potential future candidate for CEO.
