Dive Brief:

• Canadian Imperial Bank of Commerce has named Kevin Li the next group head of its U.S. region and president and CEO of CIBC Bank USA, the Canadian lender said Tuesday. 
• Shawn Beber, who now holds that position, will shift to a special adviser role on Nov. 1 before retiring in July 2026, the Toronto-based bank said.
• “Kevin has consistently brought a strong client focus and disciplined approach to growing our business across borders,” Harry Culham, who will succeed outgoing CEO Victor Dodig in November, said in a news release. “Drawing on his deep relationships in the U.S., Canada and Europe, he will provide exceptional leadership for our U.S. team.”

Dive Insight:

Notably, the retiring Beber had been seen as a potential candidate to replace Dodig, who is retiring Oct. 31. When CIBC announced in March that Culham was chosen to succeed Dodig, Beber initially was expected to stay, The Globe and Mail reported.

Beber, who’s spent more than two decades at the bank, has served as chief risk officer, general counsel, head of strategy and corporate development, and head of U.S. capital markets.

“During his tenure, Shawn has brought deep expertise and knowledge of both financial services and our bank,” Culham said in the release. “He has been instrumental in our progress in the U.S., ensuring that we have a strong, diversified cross-border platform and a disciplined, risk controlled approach to growing the business.”

Among other changes, Chief Legal Officer Kikelomo Lawal will retire from the bank and Stephen Scholtz, who has been general counsel for Canada, will be appointed global chief legal officer, CIBC said.

Christian Exshaw, the current deputy head of capital markets, will become group head of capital markets, and Christina Kramer will be appointed chief administration officer. She’ll retain leadership of the bank’s technology, infrastructure and innovation group and take on accountability for corporate governance, client complaints, environment, social and governance, CIBC said.  

Hratch Panossian – who initially also had been seen as a potential CEO candidate – will remain group head of personal and business banking and take on oversight of contact centers and client marketing, CIBC said.

Susan Rimmer will continue in her role as group head of commercial banking and wealth management and add oversight of CIBC Caribbean.  

Li, meanwhile, is head of global investment banking, and was previously head of CIBC in Europe. He’s held various senior roles in Canada since joining CIBC in 1994, and has been based in Chicago since 2018, the lender said.

“Our strategic investments and our people have enabled our growth, and the changes we're announcing today will help position us for the future,” Culham said in Tuesday’s release. “Each of these leaders brings exceptional experience, a proven track record of performance and exemplifies our purpose-led and collaborative culture.”

Culham became the bank’s chief operating officer in April. Prior to that, he had been CIBC’s head of capital markets, asset management and enterprise strategy.