CIBC chief operating officer Richard Nesbitt to retire in October 2015

TORONTO – CIBC (TSX:CM) said Thursday that chief operating officer Richard Nesbitt plans to retire in October 2015.

As chief operating officer, Nesbitt is responsible for a broad swath of operations at CIBC, including its wholesale banking business, international operations and treasury.

CIBC president and chief executive Gerry McCaughey said Nesbitt has made significant contributions to the bank.

“I, and the board of directors, respect Richard’s decision and appreciate his commitment to ensure a smooth transition to new leadership in his areas of responsibility,” McCaughey said.

“In the meantime, he will continue to be a key member of the executive team focused on building further momentum in our business and increased focus on our clients.”

Nesbitt, 58, was chief executive of TSX Group before he joined CIBC in 2008.

Before joining TSX, Nesbitt held a number of senior jobs on Bay Street including president and chief operating officer of BayStreetDirect Inc., an Internet-based investment dealer, and president and chief executive of HSBC Securities Canada.