Morningstar DBRS Comments on Canadian Imperial Bank of Commerce's CEO Succession Plan

DBRS Limited (Morningstar DBRS) notes that Canadian Imperial Bank of Commerce's (CIBC or the Bank) announcement of Victor Dodig's retirement as president and chief executive officer (CEO) and the appointment of his successor, Harry Culham, has no impact on the Bank's credit ratings, including its Long-Term Issuer Rating of AA with a Stable trend. Indeed, Morningstar DBRS expects that the Bank's current strategy will not materially change in the near to medium term with the CEO transition and that CIBC will continue to execute on its strategic priorities. Morningstar DBRS views today's announcement as part of the Bank's succession planning and talent development that have been an ongoing focus for the board of directors (the Board).

Victor Dodig plans to retire as of October 31, 2025, and will serve as a special advisor to the new CEO and the Board from November 1, 2025, to April 30, 2026, to support the transition. Mr. Dodig has served as president and CEO of CIBC since September 2014, leading the Bank through a period of transformation and growth.

As part of the transition, Harry Culham has been appointed the chief operating officer of the Bank, effective April 1, 2025, and will then succeed Mr. Dodig as president and CEO, effective November 1, 2025. Mr. Culham first joined CIBC as an intern based in Vancouver. He also gained extensive experience in senior banking roles in Europe and Asia before rejoining CIBC in 2008 and ultimately took on the leadership of the Bank's Capital Markets business in 2015. Mr. Culham has also been responsible for leading several areas of the Bank, including CIBC Caribbean, CIBC Mellon, and the Strategic Client Office and has also led CIBC's Enterprise Strategy and Corporate Development function and, most recently Global Asset Management. He has also been a member of the Bank's Executive Committee for the past decade, all of which positions him well to lead CIBC going forward.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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