CIBC hires Mark Mulroney from Scotiabank

Mark Mulroney, left, and Ben Mulroney attend a charity event in Montreal in 2022. Mark Mulroney, currently vice-chair of global banking and markets at Scotiabank, will join CIBC as global vice-chair in mid-November. (Credit: John Kenney)

Mark Mulroney, son of former prime minister Brian Mulroney, is leaving Bank of Nova Scotia to join Canadian Imperial Bank of Commerce, as the country’s fifth-largest lender continues to ring in changes ahead of its new chief executive arriving in November.

Mulroney, currently vice-chair of global banking and markets at Scotiabank, will join CIBC as global vice-chair in mid-November, a CIBC spokesperson said.

The move comes as CIBC gets set to bid farewell to current CEO Victor Dodig, who will be leaving the bank in November after a decade in the top spot. He will be replaced by Harry Culham.

CIBC announced a series of other changes earlier this week.

Kevin Li, currently head of the bank’s global investment banking segment and previously head of CIBC in Europe, will be appointed lead of the U.S. region. Christian Exshaw, currently the bank’s deputy head of capital markets, will be appointed as group head of the same segment.

Shawn Beber, who headed CIBC’s United States operations, will retire from the bank after 23 years on July 1, 2026, and will be appointed special adviser in November. Chief legal officer Kikelomo Lawal will also retire.

Several other executives will continue in their existing roles under Culham.

For example, Hratch Panossian will continue as head of the bank’s personal and business banking segment, but his responsibilities will expand to include contact centres and client marketing, CIBC said.

Susan Rimmer will continue in her current role as head of the commercial banking and wealth management segment, but will take on the additional oversight of CIBC Caribbean.

Chief financial officer Robert Sedran and chief risk officer Frank Guse will also continue in their roles.

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While Mulroney’s work at Scotiabank focused on corporate and investment banking, he is likely to play a wider role as CIBC’s global vice-chair.

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