Canadian Imperial Bank of Commerce is shuffling its leadership deck in a series of moves effective today that includes appointing Ed Dodig, CEO Victor Dodig’s brother, to head retail investment firm CIBC Wood Gundy.
In internal memos provided to The Canadian Press, the bank says the changes are being made to sharpen client focus and develop leadership capabilities.
Ed Dodig is to replace Peter Lee, who will become executive vice-president of banking centres, leading personal and small business banking operations in the retail bank.
Former banking centres leader Stephen Forbes becomes executive vice-president of purpose, brand and marketing.
CIBC says Ed Dodig has had an integral role in the growth of its global markets business, most recently leading its equity markets team, a role that will fall to Anton Erdody on an interim basis.
A total of eight executive moves were announced internally last week.
“We have a robust internal talent management process with a focus on moving leaders across our bank to foster collaboration, share best practices and instil a strong, client-focused culture as we develop leaders within our team,” said CIBC spokesman Tom Wallis in an email.