Former finance minister Bill Morneau named next chair of CIBC

TORONTO · The Canadian Imperial Bank of Commerce has appointed former federal finance minister Bill Morneau as the next chair of its board of directors. He will take over the role on Jan. 1, 2027, replacing Katharine Stevenson, who is retiring from the board at the end of this year. Stevenson has served as chair for six years and was an independent director for a decade before that. Morneau joined the CIBC board as an independent director in 2022 and currently chairs its corporate governance committee.

Prior to his political career, Morneau was the leader of Morneau Shepell, a human resources and pension services firm, from 1990 until 2015. The company grew to become Canada's largest firm in that sector under his leadership. He now holds the position of chair at NovaSource Power Services and serves as a director at Clairvest Group Inc. In addition to his corporate governance role at CIBC, he previously chaired the bank's technology committee and sits on its U.S. board. Morneau served as Canada's finance minister and as a member of Parliament from 2015 to 2020. During that period, he also acted as a governor for both the International Monetary Fund and the World Bank. He announced his resignation from the finance portfolio during a news conference on Parliament Hill in August 2020.

Who is the outgoing board chair?

Katharine Stevenson will conclude her service on the CIBC board on Dec. 31, 2026. She has held the position of chair for six years and was an independent director for ten years prior to that. Her retirement marks the end of a 16-year association with the bank's board. Since joining the board in 2022, Morneau has chaired the corporate governance committee. His previous board responsibilities included leading the technology committee. He also holds a position on the bank's U.S. board, a role he will continue alongside his new duties as chair.

With files from The Canadian Press, Penticton Herald and The Globe and Mail