CIBC Appoints Victor Dodig As CEO - Quick Facts

(RTTNews) - CIBC (CM.TO, CM) said its Board of Directors appointed Victor Dodig as the bank's next President and Chief Executive Officer or CEO, effective September 15, 2014.

Dodig is the Senior Executive Vice-President, CIBC and Group Head, Wealth Management. He succeeds Gerry McCaughey, who will retire as of September 15, 2014, the company said.

Commenting on Dodig, CIBC stated that he has a broad-based business background and extensive expertise in wealth management and retail banking. He began his career working in CIBC's branch system as a customer service representative while attending university, and later rose through increasing levels of responsibility at CIBC to lead CIBC's retail banking distribution and sales team from 2007 to 2011.

Prior to joining CIBC, Dodig was Managing Director and Chief Executive Officer in Canada for UBS Global Asset Management. Earlier in his career, he spent five years as Managing Director in Canada, the US and the UK for Merrill Lynch and Company, where he gained international experience, following three years as a Management Consultant with McKinsey and Company, the company noted.