John S. Hunkin

John Stewart Hunkin
Born	(1945-04-14) 14 April 1945 Toronto, Canada
Died	6 January 2025(2025-01-06) (aged 79) Chester, Nova Scotia, Canada
Occupation	Banking executive
Years active	1969–2005
Known for	Chairman and president of Canadian Imperial Bank of Commerce

John Stewart Hunkin (14 April 1945 – 6 January 2025) was a prominent Canadian banking executive who held the positions of chairman (1999–2003) and president (2003–2004) at the Canadian Imperial Bank of Commerce. Beginning his tenure with the bank in 1969, he progressed into management by 1979 and undertook leadership roles within its U.S. operations throughout the 1980s. Elevated to senior vice-president in 1984 and then executive vice-president in 1986, Hunkin was named president of brokerage firm Wood Gundy following CIBC's acquisition in 1988, advancing to CEO in 1990. In 1992, he was designated as one of two divisional presidents at CIBC.

On 3 June 1999, Hunkin replaced Al Flood as chairman and CEO after prevailing over Holger Kluge. He continued as chairman until August 2003 when CIBC introduced a distinct non-executive chairman role. Subsequently, Hunkin served as president and CEO until December 2004 and August 2005 respectively, when Gerald Thomas McCaughey succeeded him in both capacities.

Early life and education

John Stewart Hunkin was born in Toronto on 14 April 1945 to Peter Hunkin (1909–1980) and Ethel Annie Vallar (1908–2003). Coming from a family involved in banking—his father held senior human resources positions at the Canadian Bank of Commerce and later at CIBC following their 1961 merger—John completed his secondary education at Michael Power High School (Toronto) in 1963. He briefly attended St. Francis Xavier University before earning a Bachelor of Arts degree in economics from the University of Manitoba in 1967. He then obtained an MBA from York University in 1969.

Career

Hunkin’s professional journey with CIBC started in 1969. By 1979, he had become general manager overseeing international money market activities, and in 1980 he assumed leadership of the bank’s U.S. operations. His rise continued with a promotion to senior vice-president of the American division in 1984, followed by executive vice-president of The Americas Investment Bank in 1986.

After Ontario's regulatory environment shifted in 1987 to permit banks to acquire majority interests in brokerage firms, CIBC acquired a controlling 65% stake in Wood Gundy for $190 million in January 1988. Hunkin was appointed president and COO of Wood Gundy that June, later advancing to deputy chairman and CEO by July 1990, succeeding G. Edmund King.

In June 1992, under chairman Al Flood’s leadership, CIBC restructured its operations into two main divisions: personal banking and corporate/investment banking. At this time, Hunkin transitioned from Wood Gundy to serve as president of the newly formed corporate and investment banking division, CIBC World Markets, sharing COO responsibilities with Holger Kluge who led personal banking.

Following the federal finance minister Paul Martin’s rejection of Flood’s proposed merger between CIBC and Toronto-Dominion Bank in 1998, Flood retired early the next year. This prompted a leadership contest between Kluge and Hunkin that concluded with an agreement for the unsuccessful candidate to depart the bank; on April 1, 1999, Hunkin was appointed chairman.

Hunkin maintained his roles as chairman and CEO until CIBC separated these responsibilities in 2003. William Albert Etherington became non-executive chairman while Hunkin took on the positions of president and CEO. Gerald Thomas McCaughey succeeded him as president in December 2004. In June 2005, Hunkin announced his retirement effective August 1, with McCaughey named as his successor for CEO as well.

Personal life

On 27 September 1969, Hunkin wed Barbara Anne Becker in Grimsby. Following their separation, he entered into marriage with Susan Crocker. During his retirement years, Hunkin and Susan made their home in Chester, Nova Scotia, where they were deeply involved in supporting charitable initiatives, particularly those related to medical research and various philanthropic endeavors.

In recognition of his leadership and charitable efforts in education, health, and mental health sectors, Hunkin was honored with an appointment to the Order of Canada in 2019.

Hunkin died in Chester on 6 January 2025 at the age of 79, reportedly due to a heart attack.