Canadian Imperial Bank of Commerce named Chief Risk Officer Shawn Beber as the new head of its US division and tapped Susan Rimmer to lead the company’s global corporate and investment banking franchise.
Current US head Mike Capatides will take over as vice chairman of the bank in the country when the change takes effect Nov. 1, the Toronto-based bank said in a statement Tuesday. Roman Dubczak, who currently heads global investment banking, was appointed deputy chairman of capital markets, according to an internal memo from CEO Victor Dodig.
CIBC is eyeing the US for most of its growth in the coming years, building on its US$5 billion acquisition of Chicago-based wealth manager and business lender PrivateBancorp Inc. in 2017. This strategy is focused on getting CIBC’s commercial banking, capital markets and wealth management units to work together to serve the nation’s entrepreneurs.
Beber previously worked as CIBC’s general counsel and led the US capital markets business as well as strategy and corporate development. He will be based in Chicago. Capatides has been with the bank for more than 25 years, working as chief administrative officer and general counsel, among other roles.
Frank Guse, currently executive vice president for strategy and transformation in personal and business banking, will take over as chief risk officer.
Rimmer is the latest head of global corporate banking and previously led the bank’s debt capital markets business. He will report to Harry Culham, head of CIBC Capital Markets. Dubczak has been with CIBC for approximately 30 years and has led its global equity, equity capital markets and corporate debt origination businesses.
Kevin Li was appointed head of global investment banking, while Eric Metivier was appointed head of global corporate banking. Both executives will report to Rimmer.
CIBC rose 1.3 percent to $62.37 at 9:35 a.m. in Toronto. The stock has lost 15 percent this year, compared with an 11 percent fall for the S&P/TSX Commercial Bank Index.