One of Canada's largest banks will soon have a new face at the helm
Canadian Imperial Bank of Commerce (CIBC) has named Harry Culham as its next chief executive officer, succeeding Victor Dodig, who will retire at the end of October after leading the bank for 11 years.
Dodig’s departure comes following a strong performance by CIBC’s stock, which posted the best results among Canada’s Big Six banks in the past year. His tenure at CIBC was marked by significant expansion efforts, including the bank’s largest-ever acquisition—a $4.9-billion purchase of a Chicago-based lender—and the growth of its domestic retail banking platform.
“This felt like the right time, with the right leadership team and the right captain ready to take over,” Dodig stated in an interview. “The bank is on a trajectory to do much more.”
Dodig, who turns 60 this year, began his career at CIBC in 1985 as a teller while studying at the University of Toronto. After earning an MBA from Harvard University and holding positions at McKinsey, Merrill Lynch, and UBS, he rejoined CIBC in 2005. Under his leadership, the bank expanded its middle-class customer services, including acquiring Costco’s Canadian credit card business in 2021 and launching the digital banking platform Simplii Financial in 2017.
Culham, currently the head of CIBC’s capital markets business, will take on the role of chief operating officer on April 1 before officially assuming the position of CEO on October 31. He will continue to oversee capital markets while transitioning to his new role.
Culham’s selection followed a year-long succession process that unfolded smoothly, in contrast to previous leadership transitions at the bank. The other contenders for the position, Canadian retail banking head Hratch Panossian and CIBC Bank USA leader Shawn Beber, are expected to remain with the company.
“Our strategy is working; it’s one of connectivity across the bank,” said Culham. “It’s a strategy around helping clients achieve their ambitions, and when you look out five or 10 years, the strategy won’t be a whole lot different.”
Culham, a University of British Columbia graduate, started his finance career in 1989 as a trainee on CIBC’s foreign exchange desk. He later held leadership roles in fixed income, commodities, and currency trading at UBS, Dresdner Bank AG, and Merrill Lynch before returning to CIBC in 2008. He took over the bank’s capital markets division three years later.
CIBC, Canada’s fifth-largest bank with 48,000 employees, has now become the third major Canadian financial institution in recent years to name a new CEO. In contrast to other banks, its transition has been relatively smooth. The Bank of Nova Scotia broke from tradition in 2022 by appointing an external executive, Scott Thomson, as CEO, while Toronto-Dominion Bank accelerated its leadership change last year amid regulatory challenges.
Dodig, who will remain as a senior adviser to the board and new CEO until April 2026, will retire with a stake in CIBC valued at approximately $50.7 million. He earned $13.6 million in total compensation in 2024, an increase from $11.2 million the previous year. Culham received $10.3 million in 2024, up from $8.4 million in 2023.
With Dodig’s exit, Royal Bank of Canada’s Dave McKay becomes the longest-serving bank CEO in Canada, having led RBC since 2014.
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