CIBC President and CEO Victor G. Dodig announced that effective April 1, 2019, the bank is moving forward with the planned leadership transition for its US business.
"Since the acquisition of The PrivateBank in 2017, our US Commercial Banking and Wealth Management business has performed very well and has reached a milestone of becoming accretive to earnings more than a year ahead of schedule," said Mr. Dodig. "Given the success of the integration, strong business performance, and the depth and experience of our leadership team, we are now well positioned to move forward with the planned transition of the leadership in our US business."
Larry D. Richman will transition to a new role as Chair, US Region, CIBC Bank USA. In his new capacity, he will continue to play a key role in developing and maintaining client relationships to ensure ongoing partnership and business generation. In addition, he will continue as a member of the CIBC USA Board and remain active in many civic and philanthropic activities on behalf of CIBC.
Succeeding Mr. Richman as Senior Executive Vice-President and Group Head, US Region, and President & CEO, CIBC Bank USA and our US bank holding company, is Michael Capatides. Mr. Capatides was instrumental in the acquisition of The PrivateBank in 2017, and played a lead role in the integration process. He brings deep experience in US banking, including leadership roles in both New York and Chicago over the course of his career.
"Today, under Larry's leadership, we have a highly capable and client-focused bank in the United States. On behalf of the entire team, we thank him for his commitment to our clients and his leadership through a successful acquisition and buildout of our US business since 2017," added Mr. Dodig. "Mike has been part of CIBC's leadership team and integral to CIBC's success for more than 20 years. His proven leadership capability, focus on relationships, and knowledge of the US market will enable continued growth and success for CIBC in the US as we continue to build our cross-border platform. Under Mike and the strong management team in place, we will continue to invest in the US and grow the business to meet the needs of our clients on both sides of the border."