Gerry McCaughey, president and CEO of the Canadian Imperial Bank of Commerce, on Thursday said he plans to retire in two years, according to a news release.
Mr. McGaughey, who has held both posts since 2004, set a tentative retirement date of April 30, 2016, pending completion of a succession process already underway.
“As I close in on a decade as CEO, I wanted to announce my retirement well in advance of my departure, thus giving CIBC's board sufficient time to complete its normal succession process, which is now well underway,” Mr. McCaughey said in the news release.
CIBC's money management business, CIBC Asset Management, has about C$90 billion (US$82 billion) in AUM. Under Mr. McCaughey's tenure, CIBC bought a 41% stake in American Century Investments from J.P. Morgan Chase in 2011, and last year acquired Atlantic Trust Private Wealth Management from Invesco.
Kevin Dove, CIBC spokesman, could not be reached for further information.