Canadian Imperial Bank of Commerce (CIBC) announced on March 13, 2025, the appointment of Harry Culham as its new Chief Executive Officer (CEO), succeeding Victor Dodig, who will retire on November 1, 2025, after more than 11 years at the helm. Culham, currently the head of CIBC's capital markets division, will start serving as Chief Operating Officer (COO) on April 1, 2025, to facilitate the leadership transition.
Dodig, who has led CIBC since September 2014, expressed his gratitude for the time spent leading the bank. "It has been an honour to lead CIBC and work alongside such a dedicated and purpose-led team," he stated. Under his leadership, CIBC has seen significant transformations, focusing on client relationships and modernizing the bank to adapt to today’s financial climate. Notably, the bank has expanded its operations and dramatically increased its U.S. market presence, acquiring PrivateBancorp and Costco's Canadian credit card portfolio.
Culham's rise through the ranks at CIBC reflects his extensive banking experience, having first joined as an intern in Vancouver before moving on to various roles worldwide. He rejoined CIBC in 2008 and has led the capital markets division since 2015. His leadership has been instrumental, with consistent growth noted during his tenure and strategic oversight now extended to managing global asset management and corporate development.
On his new role, Culham remarked, "I’m delighted to take on these new responsibilities in service of CIBC's clients, employees, business partners, shareholders and the communities we serve." He assured stakeholders of his intent to maintain the bank’s current strategic direction, emphasizing stability amid potential economic challenges. CIBC’s recent maneuvers to focus on private wealth and affluent clients, especially during turbulent economic times—staying agile during market shifts like the U.S.-Canada trade war—highlight his approach.
Dodig's retirement will mark the end of transformative years for CIBC, where he played pivotal roles, such as spearheading the launch of Simplii Financial, enhancing the bank's digital banking capabilities. His leadership tenure will end with CIBC well-positioned and having recently posted improved performance compared to its peers.
Reflecting on the transition, Kate Stevenson, chair of the CIBC board, praised Dodig's unwavering leadership and focus on client service. She noted, "Victor’s tenure as president and CEO has been marked by a relentless focus on the client and an unwavering commitment to transforming CIBC." This transition strategy appears to follow sound governance practices. With the approach of having Culham take on the COO role before becoming CEO, the bank aims for continuity and stability.
Under Dodig's guidance, CIBC's U.S. operations have grown remarkably, contributing approximately 20% of the bank’s overall profits. The significant acquisitions during this period are set to strengthen CIBC’s position as one of Canada’s top banks, as it adapts to the ever-evolving market.
Despite being at the forefront of economic challenges, Culham is optimistic about CIBC's future. “We can control the controls, and we think we're good at managing risk. We went through COVID, we've been through other ups and downs,” he noted, highlighting his confidence and readiness for future challenges.
With Harry Culham now poised to lead CIBC, the focus on client-centric strategies and maintaining operational efficiency remains central to the bank’s philosophy. Observers are hopeful Culham will build upon the strong foundation established under Dodig. With the impending transition, CIBC continues to signal its commitment to growth and client service excellence.
Harry Culham's leadership philosophy, combined with his internal knowledge of the organization, sets the stage for potential growth and innovation. He inherits a solidly performing bank and faces the challenge of steering it through future uncertainties, both domestically and internationally, aiming to achieve stability and profitability.