CIBC names new segment heads as Canadian bank boss moves to vice chairman

By Nivedita Balu

TORONTO (Reuters) – Canadian lender CIBC named Jon Hountalas vice president of North American banking on Thursday. His duties as head of Canadian banking will be taken over by three other executives effective Nov. 1.

Canada’s fifth-largest lender in April named its chief financial officer Hratch Panossian as head of its Canadian personal and business banking division.

Hountalas’ responsibilities include personal and business banking, commercial banking, and wealth management in Canada, which accounts for almost two-thirds of the bank’s revenue.

“This is an evolution of our strategy. We want to make sure that we continue to grow in our home market,” CEO Victor Dodig said in an interview.

“It just highlights the importance of putting top talent against this program.”

Susan Rimmer will lead the commercial banking and wealth management business. She currently serves as global head of corporate and investment banking.

Capital markets chief Harry Culham will take on the additional role of global head of asset management and corporate strategy.

Panossian will take on expanded responsibilities at Simplii Financial, CIBC’s digital banking division.

The three directors and Hountalas will report to Dodig.

Christian Exshaw has been appointed deputy head of capital markets, adding responsibility for corporate and investment banking to his current mandate. He will report to Culham.

(Reporting by Nivedita Balu in Toronto; Editing by Richard Chang)