Friday, August 1, 2014

Victor Dodig to succeed Gerry McCaughey as chief executive

"Canadian Imperial Bank of Commerce’s surprise search for a new chief executive officer has come to end, with the lender naming Victor Dodig as its new president and CEO.

Mr. Dodig, currently the bank’s wealth management head, will have relatively little time to prepare for the role as he takes over Sept. 15."

http://business.financialpost.com/2014/07/31/cibc-insider-victor-dodig-to-succeed-gerry-mccaughey-as-chief-executive-in-september/
Trouble here citizens is that Mr. Dodig is an internal appointment and was hired by Mr. McCaughey when the outgoing CEO was first putting his icky stamp on the bank in 2005.

That stamp has resulted a multitude of lawsuits and business practices that border (and exceed) the criminal. During Mr. McCaughey's tenure (and Mr. Dodig's) CIBC potential liabilities have exploded into the billions.

There will be no change in course when a man present during this larceny is hand picked by it's creator.