By Adriano Marchese

Victor Dodig is set to retire as chief executive of Canadian Imperial Bank of Commerce after more than a decade at the helm where he spearheaded a client-focused, modern transformation of the bank.

The company announced Thursday that Dodig would retire Oct. 31, capping an 11-year service as head of one of Canada's biggest banks. Under his leadership, CIBC grew into a bigger financial institution, expanding its footprint in the U.S., updating its digital banking and strengthening its wealth management and commercial banking divisions.

"Victor's tenure as president and CEO has been marked by a relentless focus on our clients and an unwavering commitment to transforming CIBC into the modern, relationship-oriented bank it is today," said Kate Stevenson, chair of the board of directors.

He led key strategic acquisitions including that of PrivateBancorp in 2017, which expanded CIBC's presence in commercial banking and wealth management south of the border. He also expanded the company's credit-card segment with the acquisition of Costco's Canadian credit-card portfolio, which brought in more than two million new clients.

In his time as CEO, he also led transformative investments in digital banking and technology to modernize the bank's digital front.

His time as CEO also was good for shareholders. Over the past decade, CIBC's shares have risen 72%, and when including dividends, the total return for investors has been 186%.

CIBC has appointed Harry Culham to succeed Dodig, taking the reins of the bank on Nov. 1.

Until then, Culham will take on the role of chief operating officer starting April 1, where CIBC's operating businesses will report to him to help with the leadership transition and its continued focus on clients and performance, the bank said.

Culham first joined CIBC in Vancouver as an intern, participating in the bank's first graduate program. After which, he spent time abroad where he gained experience in senior banking roles in Europe and Asia before returning to CIBC again in 2008.

In 2015, he became head of CIBC's global Capital Markets business, CIBC said.

Dodig will remain on board to serve as special adviser to Culham and the board until April 30, 2026, with the aim of supporting a seamless leadership transition.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 13, 2025 12:02 ET (16:02 GMT)

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