CIBC names Bill Morneau board chair from January 1

CIBC, a Toronto-based bank with 15 million clients, said on October 30 that Bill Morneau will become chair of its board on January 1, 2027. Mr Morneau has sat on the board since 2022 as an independent director, a board member who is not part of the bank’s management.

From 1990 to 2015 he led Morneau Shepell, which CIBC said became Canada’s largest human resources and pension services firm, and he was finance minister from 2015 to 2020. He currently chairs the board’s Corporate Governance Committee and also sits on the board of CIBC’s US operations.

Katharine Stevenson, the outgoing chair, said his experience will be “invaluable” as CIBC pursues its next phase of growth.

The Canadian Press reported that Ms Stevenson, chair for six years, retires from the board on December 31, so Mr Morneau takes over on January 1.

Sources: CIBC · SEC EDGAR (CIBC Form 6-K) · BNN Bloomberg