Business

CIBC shuffles CEO's brother into new role as head of CIBC Wood Gundy

Canadian Imperial Bank of Commerce is shuffling its leadership deck in a series of moves effective today that includes appointing Ed Dodig, CEO Victor Dodig's brother, to head retail investment firm CIBC Wood Gundy.

Total of 8 moves effective today including promotion of Ed Dodig, brother of CEO Victor Dodig

CIBC President and CEO Victor Dodig writes notes on his speech before the company's annual and special meeting of shareholders in Vancouver, B.C., on Tuesday April 5, 2016. In an executive shuffle, Dodig's brother, Ed Dodig, has been promoted to head of retail investment arm Wood Gundy. (Darryl Dyck/Canadian Press)

Canadian Imperial Bank of Commerce is shuffling its leadership deck in a series of moves effective today that includes appointing Ed Dodig, CEO Victor Dodig's brother, to head retail investment firm CIBC Wood Gundy.

In internal memos provided to The Canadian Press, the bank says the changes are being made to sharpen client focus and develop leadership capabilities.

Ed Dodig is to replace Peter Lee, who will become executive vice-president of banking centres, leading personal and small business banking operations in the retail bank.

Former banking centres leader Stephen Forbes becomes executive vice-president of purpose, brand and marketing.

CIBC says Ed Dodig has had an integral role in the growth of its global markets business, most recently leading its equity markets team, a role that will fall to Anton Erdody on an interim basis.

A total of eight executive moves were announced internally last week.

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