Victor Dodig

Victor Dodig, an executive vice-president at CIBC and head of its wealth management group, will become its new president and CEO. (CIBC)

CIBC has selected the executive who built its wealth management business over the past three years to become the next CEO and president of the bank.

Victor Dodig, now senior vice-president at CIBC and head of wealth management, will succeed Gerry McCaughey, who leaves the post Sept. 15.

There was surprise when CIBC announced McCaughey’s retirement without a successor in the wings.

However, in the end, the third largest Canadian bank selected its leader from within the bank.

Dodig presided over acquisitions in the U.S. for the wealth management group, including Atlantic Trust and a 41 per cent investment in American Century.

He also oversaw growth in units such as CIBC Wood Gundy, CIBC Investor's Edge, CIBC Private Wealth Management, Atlantic Trust, and CIBC Asset Management. He led retail banking for CIBC from 2007 to 2011.

CIBC chairman Charles Sirois said Dodig “has a deep understanding of CIBC's strategy, culture and opportunities, and has demonstrated his ability to complement CIBC's organic growth plan with acquisitions and investments that align to the bank's risk profile. Victor is attuned to the continuing evolution of the financial services space and is well positioned to execute a vision that will see the bank build on its current successes."

Dodig said he was committed to creating “value and opportunity” for clients, shareholders and employees at the bank.