TORONTO, March 13, 2025 - The Canadian Imperial Bank of Commerce (CIBC) announced today the planned retirement of Victor Dodig as President and Chief Executive Officer, effective October 31, 2025. Harry Culham, currently the head of CIBC’s Capital Markets division, has been appointed to succeed Dodig and will assume the CEO position on November 1, 2025.
Since taking the lead at CIBC in 2014, Dodig has overseen substantial transformation, guiding the bank to become more relationship-focused and recognized for superior client service. He will continue to support the leadership transition as special advisor until April 30, 2026, ensuring continued strategic direction.
Dodig expressed his pride over his tenure, stating, "It has been an honour to lead CIBC and work alongside such a dedicated and purpose-led team. Together, we have built a strong foundation for the future, with a clear and consistent strategy focused on client relationships, financial strength, innovation, sustainability and genuine community engagement. I am very proud of all we have accomplished and believe the time is right to hand the baton to Harry."
Harry Culham, who has been part of CIBC since his internship days, has enjoyed a dynamic career within the institution. Effective April 1, 2025, he will serve as Chief Operating Officer, assuming additional responsibilities over global asset management, corporate strategy, and the Caribbean operations. Culham became the head of the Capital Markets unit in 2015 and has led initiatives to streamline operations and maintained high credit quality.
Upon his promotion, Culham highlighted his confidence about the transition, noting, "I understand risk quite well. (It is) one of my strengths ... We’re not worried. We can control the controls, and we think we’re good at managing our risk. We went through COVID, and other ups and downs."
Analysts expressed mixed thoughts about Dodig’s retirement. Darko Mihelic from RBC Capital Markets remarked, "We are surprised at the announcement as we thought Dodig might remain as CEO for a couple of years longer. Culham brings solid experience at capital markets, though his personal and commercial banking experience is somewhat limited. Nevertheless, I have confidence he can contribute positively to the bank’s performance."
During Dodig’s decade-long leadership, CIBC expanded its footprint, including impactful acquisitions such as Costco’s Canadian credit card portfolio, adding over two million clients and strengthening the bank's position within the market. These strategic moves have been complemented by investments aimed at enhancing CIBC's digital efficiency.
Despite the anticipated changes, Culham assured stakeholders, “I’m focused on the bank overall and I don’t expect the strategy to change. We will continue to build on our momentum and the foundation set by Vic.”
Investor reactions to the announcement have been nuanced. While CIBC shares saw minor fluctuations, reports indicated shares were down approximately 1.2% on the Toronto Stock Exchange following the news of Dodig’s planned departure.
With the backdrop of economic uncertainties, especially due to influences like the trade tensions between Canada and the United States, it is evident the new leadership will have its work cut out for them, balancing risks and driving sustainable growth.
Looking forward, Dodig recognized Culham’s ability to lead the bank during pivotal times, stating, "Harry is a proven leader who has worked alongside me, our board, and the rest of our CIBC team to build the bank we are today. His focus on clients and his leadership track record make him the ideal successor to continue driving the establishment's goals forward."
Overall, this transition at CIBC not only highlights the bank's strategic succession plans but also its commitment to providing high-quality service and maintaining strong client relationships—a philosophy both Dodig and Culham have supported through their careers. The future seems promising as CIBC prepares for this new chapter, relying on Culham’s vision and experience to navigate the challenges and opportunities presented by today’s financial environment.