Veteran executive takes the reins as CIBC consolidates its Canadian and US wealth businesses under a single leader
CIBC is reshuffling its top ranks, consolidating its wealth management operations under a single executive and reordering accountability across several major business lines as it pushes to tighten cross-border coordination.
The Toronto-based bank, which reported its quarterly earnings today, named Eric Belanger as Senior Executive Vice-President and Group Head, Wealth Management, effective immediately.
Belanger now holds responsibility for the bank's full wealth platform on both sides of the border, a portfolio that takes in Global Asset Management, US Private Wealth, Wood Gundy, Private Banking & Family Office, Investor's Edge, and CIBC Private Investment Counsel.
"Eric has spent more than 30 years with our bank in a range of leadership roles and has a strong track record of building innovative solutions, deepening client relationships, and delivering growth," said Harry Culham, President and CEO of CIBC. "Aligning our North American Wealth businesses will strengthen connectivity and collaboration as we bring the best of our bank to clients and support continued growth in Canada and the US."
The Belanger appointment is one of a broader set of executive changes that also reorganizes commercial banking and several infrastructure functions.
On the commercial side, Susan Rimmer has been elevated to Senior Executive Vice-President and Group Head, Commercial Banking, expanding her existing mandate over Canadian commercial operations to now cover US commercial banking as well. She will also absorb responsibility for the Office of the CEO.
"Commercial enterprises are at the heart of economic growth, and we're committed to building on our legacy as the bank of commerce to help these businesses thrive," Culham said. "Bringing together our Commercial Banking business on both sides of the border will further our ability to provide our clients with the solutions, insights, and advice they need to succeed."
Kevin Li remains in his position as Senior Executive Vice-President and Group Head of the US Region and President and CEO of CIBC Bank USA, with Culham crediting his "exceptional client-focus" and cross-border relationships as central to scaling up the bank's U.S. ambitions across commercial banking, capital markets, and wealth management.
The restructuring also results in a notable departure.
Christina Kramer, who has spent 40 years at the bank and currently serves as Chief Administrative Officer, will step into a Special Advisor capacity and exit the organization on Oct. 31. Her successor, Amy South, has been appointed Senior Executive Vice-President, CAO and Chief of Staff, retaining oversight of CIBC Mellon and picking up a broad range of functions including brand, communications, enterprise real estate, and global government relations.
"Amy brings deep experience across client-facing, CAO and Finance roles at our bank," Culham said. "Her breadth of experience and enterprise perspective will be invaluable as she and her team help to accelerate the execution of our strategy."
Among other leadership adjustments, Richard Jardim, the bank's Chief Technology and Information Officer, will add the Chief Security Office to his mandate. CFO Robert Sedran gains oversight for Enterprise Transformation, and General Counsel Stephen Scholtz takes on corporate governance and sustainability.
