The Quiet Succession: How Victor Dodig Steered CIBC Through Change and Set the Stage for a New Era

Published in Business and Finance on Saturday, August 23rd 2025 at 10:44 GMT by The Globe and Mail
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For over two decades, the Canadian banking landscape was largely defined by a revolving door of CEOs at the Big Five institutions. But at CIBC, something different happened. Victor Dodig’s tenure, concluding in early 2024, wasn't marked by abrupt departures or contentious transitions. Instead, it represented a carefully orchestrated succession plan, built on a foundation of strategic shifts and a deliberate cultivation of talent that has left the bank demonstrably altered – and arguably stronger – than when he took the helm.

Dodig’s arrival in 2015 followed a period of turbulence for CIBC. The bank had been grappling with underperformance, particularly in its U.S. retail operations, and facing questions about its strategic direction. His predecessor, Gerry McCaughey, had laid some groundwork for change, but it was Dodig who truly embarked on a transformative journey. He inherited a legacy shaped by Harry Culham, the long-serving chairman whose influence extended far beyond his formal role, and he navigated a complex internal dynamic while simultaneously reshaping CIBC’s external image.

One of Dodig's most significant early moves was to address the struggling U.S. retail business. Recognizing its unprofitability and incompatibility with CIBC’s core Canadian operations, he made the bold decision to divest it in 2019 for a modest gain. This move, while initially criticized by some as abandoning a potentially valuable market, freed up capital and resources that could be reinvested in more profitable areas. It signaled a clear shift away from a geographically diverse model towards a focus on core strengths – Canadian banking, commercial banking, and wealth management.

Beyond the U.S. divestiture, Dodig spearheaded a significant overhaul of CIBC’s risk management practices. The bank had faced scrutiny over its exposure to certain sectors, and Dodig implemented stricter lending criteria and enhanced monitoring systems. This focus on prudent risk management proved crucial during the COVID-19 pandemic, allowing CIBC to weather the economic storm relatively unscathed compared to some of its peers.

A key element of Dodig’s success was his commitment to fostering a culture of collaboration and transparency within the bank. He actively sought input from employees at all levels and encouraged open communication. This approach helped build trust and alignment across the organization, facilitating the implementation of his strategic initiatives. He also prioritized diversity and inclusion, recognizing that a more representative workforce would lead to better decision-making and innovation.

However, Dodig’s tenure wasn't without its challenges. The bank faced criticism for its handling of certain regulatory issues and struggled at times to keep pace with the rapid technological advancements transforming the financial services industry. The acquisition of Investec Wealth & Asset Management, while strategically aligned with CIBC’s wealth management ambitions, proved more complex than initially anticipated and required significant integration efforts.

Perhaps most importantly, Dodig understood the importance of succession planning. He meticulously cultivated a pipeline of talent within the bank, ensuring that a capable successor would be ready to take over when he stepped down. The selection of Christine Bergeron as his replacement reflects this commitment – she’s an internal candidate with deep experience in CIBC's retail and commercial banking operations, signaling continuity while also bringing fresh perspectives to the leadership team. Bergeron’s appointment was a deliberate choice, designed to avoid the disruptive transitions that have plagued other Canadian banks.

Dodig’s departure marks the end of an era for CIBC. He leaves behind a bank that is leaner, more focused, and better positioned for future success. His legacy isn't just about the specific strategic decisions he made – it’s about the culture he fostered, the talent he developed, and the careful succession plan he put in place. He demonstrated that leadership can be characterized by stability and thoughtful evolution rather than dramatic upheaval.

The transition to Bergeron’s leadership will undoubtedly present new challenges and opportunities. She inherits a solid foundation built by Dodig, but she will also need to navigate an increasingly complex and competitive landscape. The success of CIBC in the years ahead will depend on her ability to build upon Dodig's achievements while charting a course for continued growth and innovation. The quiet succession at CIBC offers a valuable lesson for other Canadian institutions – that thoughtful planning, internal development, and a commitment to stability can be just as powerful as bold, disruptive change.

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The Quiet Succession: How Victor Dodig Steered CIBC Through Change and Set the Stage for a New Era

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