Investing.com -- Thursday brought news from RBC (TSX:RY) Capital Markets regarding a significant leadership transition at Canadian Imperial Bank Of Commerce (TSX:CM). Victor Dodig is set to retire from his role as President and CEO on October 31, 2025, and Harry Culham will take over the reins. Despite the change in leadership, RBC Capital Markets analyst Darko Mihelic has maintained an "Outperform" rating on the bank’s stock, with a price target of CAD 108.00, while expressing a neutral sentiment on the announcement.
Dodig, who has led CM since September 2014, will continue to serve on the board and act as a special advisor to Culham from November 1, 2025, to April 30, 2026, to ensure a smooth transition. Culham, who will step into the Chief Operating Officer role on April 1, 2025, has a long history with the bank, starting as an intern in Vancouver. He has held senior banking positions in Europe and Asia and has been a key leader within CM’s global Capital Markets business since 2015.
Culham’s tenure at CM includes leadership across various bank areas, including CIBC Caribbean, CIBC Mellon, and the Strategic Client Office. He has recently overseen the Global Asset Management division. His academic credentials include a degree from the University of British Columbia’s Sauder School of Business.
RBC Capital Markets expressed surprise at the timing of the announcement, having anticipated that Dodig might remain CEO for a few more years. The firm acknowledged Culham’s extensive capital markets experience, which they expect to benefit CM, while also noting that his experience in personal and commercial banking and wealth is seen as relatively limited.
The leadership change at Canadian Imperial Bank of Commerce (NYSE:CM) marks a new chapter for the bank, with Culham set to begin his tenure as CEO later this year. The stock continues to be rated positively by RBC Capital Markets, reflecting confidence in the bank’s future performance.