TORONTO, Sept. 15, 2014 /CNW/ - Victor Dodig, President and CEO of CIBC (TSX:CM) (NYSE:CM), announced today that Chief Operating Officer Richard Nesbitt, who originally planned to retire in October 2015, has advanced his departure date and is now leaving the bank. Over the last several months, Mr. Nesbitt has worked to ensure a smooth transition of his responsibilities which the bank announced earlier today.

"I'd like to thank Richard for his many contributions to CIBC and the Canadian capital markets over the course of his career," said Mr. Dodig. "He played a key role over the last six years in setting a strong foundation for CIBC's success and helped position the bank for sustainable growth going forward. We wish him all the best in the future."

Mr. Nesbitt joined CIBC in 2008 as CEO of CIBC World Markets. In 2011, he took on expanded responsibility for CIBC's international operations and technology and operations division as well as responsibility for the bank's strategy. In 2013, he was appointed Chief Operating Officer.

From 2004 to 2008 he was Chief Executive Officer of the TSX Group having joined TSX as President of TSX Markets in 2001. Prior to joining the company in 2001, Mr. Nesbitt served as President and Chief Operating Officer of BayStreetDirect Inc., an Internet based investment dealer. Before that Mr. Nesbitt was President and Chief Executive Officer of HSBC Securities Canada for three years, after having worked for 10 years at CIBC Wood Gundy.

Mr. Nesbitt is Chair of the Finance Committee for the TORONTO 2015 Pan Am/Parapan Am Games, a member of the Women in Capital Markets Advisory Council, a member of the SickKids Foundation Board of Directors, a member of the Rotman School of Management - Financial Services Advisory Board, a member of the London School of Economics North American Advisory Board and the Major Individuals Gifts Chair of the 2013 GTA United Way Campaign.

He holds a M.Sc. in Accounting from the London School of Economics and Political Science, an MBA from the University of Toronto, Rotman School of Management and a B.A. (Honours) in Business Administration from the University of Western Ontario, Richard Ivey School of Business.

About CIBC

CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE CIBC