Al Flood
Alvin Lloyd "Al" Flood | |
|---|---|
| Born | August 22, 1935 Monkton, Ontario, Canada |
| Occupation | Banking executive |
| Years active | 1951–1999 |
| Known for | Chairman and CEO of Canadian Imperial Bank of Commerce (1992–1999) |
Alvin Lloyd "Al" Flood (born August 22, 1935) is a retired Canadian banking executive who held the position of chairman at the Canadian Imperial Bank of Commerce (CIBC) from 1992 until 1999. His banking career commenced in 1951 when he started as a teller at the Canadian Bank of Commerce branch located in Monkton, Ontario. Over the following two decades, Flood advanced through numerous managerial positions across various branches in Ontario. In 1974, he transitioned to executive roles focused on the bank’s international operations. By 1984, he had ascended to the role of executive vice-president at CIBC’s headquarters in Toronto. Following a reorganization in 1986 that segmented the presidency into distinct divisions, Flood was named president of corporate banking. He succeeded R. Donald Fullerton as chairman and CEO in June 1992.
In 1998, Flood spearheaded negotiations for a prominent merger with the Toronto-Dominion Bank, aiming to merge two of Canada’s largest financial institutions under the CIBC banner. However, this merger was ultimately blocked by finance minister Paul Martin in December of that year. After this development, Flood declared his intention to retire in January 1999 and formally stepped down in June.
Biography
Born on August 22, 1935, in Monkton, Ontario, Alvin Flood is the son of George Wesley Flood and Susan May Dawson. He entered the banking sector at age sixteen with the Canadian Bank of Commerce, progressively taking on management responsibilities within corporate and credit divisions throughout Ontario cities such as London, Ottawa, and Toronto. In 1973, he completed Harvard University’s Program for Management Development.
By 1974, Flood had been appointed area executive overseeing operations in the U.S. and Latin America, advancing to general manager by 1978. He subsequently held vice-presidential roles managing corporate banking and U.S. activities before assuming leadership of international operations in 1983. His promotion to executive vice president came in 1984 when he joined CIBC’s Toronto head office.
In May 1986, under the leadership of then-president Fullerton, CIBC restructured its presidency into specialized segments: investment banking led by Paul Cantor; corporate banking under Flood; individual banking headed by Warren Moysey; and later administrative banking managed by T. Iain Ronald. Upon becoming chairman and CEO in June 1992, Flood unified corporate and investment banking functions to streamline the organization prior to his tenure.
Flood’s leadership period is notably marked by an attempted merger with the Toronto-Dominion Bank, announced in April 1998. The plan aimed to form a leading Canadian bank that would retain the CIBC name but adopt TD’s signature green branding. This followed an earlier blocked merger attempt between Royal Bank of Canada and Bank of Montreal within the same year. The government’s refusal of both proposals represented a significant regulatory stance against further consolidation within Canada’s banking sector.
Following his retirement announcement in January 1999, Flood’s exit prompted a leadership contest between John S. Hunkin and Holger Kluge for the CEO role. Hunkin emerged victorious, resulting in Kluge’s resignation. Flood officially retired on June 3, 1999.
In September 1960, Flood married Rolande T. Blanchard; together they have four children.