Gerald T. McCaughey

Gerald McCaughey
Born	(1956-03-14) March 14, 1956 Winnipeg, Manitoba, Canada
Occupation	Banking executive
Years active	1981–2014
Known for	Former president and CEO of the Canadian Imperial Bank of Commerce

Gerald Thomas McCaughey (born March 14, 1956) is a Canadian executive and former president and CEO of the Canadian Imperial Bank of Commerce.

Early years

Originally from Winnipeg, McCaughey relocated to Montreal in 1970. Between 1973 and 1976, he spent summers working on railway tunnel projects in British Columbia while attending Concordia University during the academic year, where he completed a bachelor of commerce degree. In addition, he pursued bookkeeping studies and gained experience working at a meat processing plant in Montreal before embarking on his financial career as a broker with Merrill Lynch Canada in 1981.

Career

McCaughey’s tenure at Merrill Lynch saw him progress through various positions in Winnipeg, Edmonton, and Montreal. When Merrill Lynch divested its Canadian private client business to CIBC in 1990, he transitioned to CIBC Wood Gundy as an account executive. He later took over leadership of Wood Gundy, CIBC’s retail brokerage unit, succeeding Tony de Werth. His strategic initiatives included divesting the U.S.-based brokerage Oppenheimer and Guernsey operations, acquiring TAL Global Asset Management, and integrating Merrill Lynch's Canadian brokerage (previously Midland Walwyn Inc.) into CIBC.

McCaughey’s roles within CIBC evolved as follows:

• 1994–1999: President, Wood Gundy Private Client Investments
• 1999–2002: Senior Executive Vice-President, Wealth Management
• 2002–2004: Vice Chair, CIBC
• 2004–2005: Chairman and CEO, CIBC World Markets
• 2005: President and COO, CIBC
• 2005–2014: President and CEO, CIBC

Amidst multiple controversies at CIBC World Markets, McCaughey assumed the chairman and CEO positions of that division, replacing David Kassie, while continuing to oversee wealth management operations. Kassie had been considered the leading candidate for CIBC’s top executive role prior to these events; he subsequently founded Canaccord Genuity, which led to legal conflicts concerning recruitment practices.

In 2005, McCaughey was promoted to president and COO of CIBC, positioning him as the designated successor to then-CEO John Hunkin. Brian Shaw took over leadership of CIBC World Markets from McCaughey. When Hunkin opted for early retirement in July 2005, McCaughey stepped into the CEO role. Subsequently, in 2008 Richard Nesbitt replaced Shaw as chairman and CEO of CIBC World Markets; Nesbitt was later appointed COO of CIBC in 2013 while maintaining his World Markets responsibilities.

On April 24, 2014, CIBC announced McCaughey’s intention to retire as CEO effective April 30, 2016, allowing for a smooth succession or earlier transition if a suitable replacement emerged. However, on July 31, 2014, Victor Dodig was appointed president and CEO effective September 15, 2014, resulting in an expedited departure for both McCaughey and Nesbitt.

Compensation

In 2009, McCaughey earned $6.24 million in total direct compensation. His remuneration increased by approximately 50% to $9.34 million in 2010, reflecting his executive leadership and the bank’s performance.

Non-Banking Activities

Outside his banking career, McCaughey serves in several influential advisory capacities:

• Chair of the advisory board for the Canada Institute at the Woodrow Wilson International Center for Scholars
• Director on the board of the Frontier College Foundation
• Member of The Learning Partnership's Corporate Advisory Board
• Participant in the U.S. Council on Foreign Relations

In recognition of his influence within finance and policy circles, Bloomberg Markets included him among its list of the 50 Most Influential individuals in 2012.

Personal

McCaughey is one of five children born to Thomas McCaughey, a retired anesthesiologist, and a mother of French Canadian descent. He lives in a condominium in downtown Toronto with his partner Joanne, who works as an interior designer. Recognized for his unassuming lifestyle, he is said to neither own a vehicle nor live in a house.

External links

• CIBC biography