CIBC to nominate Nick Le Pan and Robert Steacy for election to its board of directors
TORONTO, Jan. 7 /CNW/ - CIBC announced today that it will nominate Nicholas D. Le Pan and Robert J. Steacy for election as members of its board of directors at the company's Annual General Meeting on February 28, 2008. Bill Etherington, Chairman of the Board of CIBC, said: "We are very pleased to be nominating these two outstanding individuals to the CIBC Board of Directors. Nick Le Pan brings an unparalleled understanding of the international banking system, financial markets and risk management. Bob Steacy is a seasoned financial professional with a reputation for diligence and integrity."- Mr. Le Pan, 56, served as Superintendent of Financial Institutions for Canada from 2001 to 2006 and as Deputy Superintendent, Office of the Superintendent of Financial Institutions, Canada (OSFI) from May 2000. Mr. Le Pan has been involved in several international and Canadian regulatory coordination efforts, including serving as Chairman of the Basel Accord Implementation Group and Vice Chairman of the Basel Committee on Banking Supervision. In May 2007, Mr. Le Pan was appointed by the federal government as Senior Expert Advisor to the RCMP on its white-collar crime unit, the Integrated Market Enforcement Teams. He is also the Chair-elect of the Canadian Public Accountability Board which oversees auditors of public companies, chair of the Independence Review Committee of Brandes Investment Funds and a member of the board of the Toronto Centre for Leadership in Financial Sector Supervision. - Mr. Steacy, 57, is a retired Chief Financial Officer of Torstar Corporation. Mr. Steacy held a series of financial positions of increasing responsibility over the course of a 25-year career at Torstar, becoming Executive Vice President and Chief Financial Officer in 2002 until his retirement in 2005. Mr. Steacy is a director and chair of the Audit Committees of Cineplex Galaxy Income Fund, Domtar Corporation and Domtar Inc. From 2005 to 2007 he served on the Boards of Alliance Atlantis Communications Inc. and Somerset Entertainment Income Fund. Mr. Steacy is a Chartered Accountant.Forward Looking Statement This news release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the operations, financial condition, strategies and outlook of CIBC. A forward-looking statement is subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond CIBC's control, could cause actual results to differ materially from the expectations expressed in CIBC's forward-looking statements. Readers should not place undue reliance on CIBC's forward-looking statements. CIBC does not undertake to update any forward-looking statement that is contained in this news release except as required by law.
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For further information: Rob McLeod, CIBC, (416) 980-3714 for media inquiries; John Ferren, CIBC, (416) 980-2088 for analyst/investor inquiries