Canadian Imperial Bank of Commerce

(CIBC) is making several changes to its most senior team as it gets set to welcome its new chief executive in November.

Harry Culham, who is set to take over the reins from

Victor Dodig

as chief executive, said the changes will help the bank “position” for the future.

“We are accelerating our momentum by delivering on our client-focused strategy and by fostering a purpose-led, connected culture, which starts with our leadership team and extends to every corner of our bank,” he said in a statement on Tuesday. “Each of these leaders brings exceptional experience, a proven track record of performance.”

As part of the changes, Shawn Beber, who headed CIBC’s United States operations, will retire from the bank after 23 years on July 1, 2026, and will be appointed special adviser in November. He used to be the bank’s chief risk officer prior to his current role. Chief legal officer Kikelomo Lawal will also retire.

Kevin Li, currently head of the bank’s global investment banking segment and previously head of CIBC in Europe, will be appointed as the head of the U.S. region. Christian Exshaw, currently the bank’s deputy head of capital markets, will be appointed as group head of the same segment.

Several other executives will continue in their existing roles under Culham.

For example, Hratch Panossian will continue to be the bank’s personal and business banking segment, but his responsibilities will be expanded to include contact centres and client marketing, CIBC said.

Susan Rimmer will continue her current role as head of the commercial banking and wealth management segment, but take on the additional oversight of CIBC Caribbean.

Chief financial officer Robert Sedran and chief risk officer Frank Guse will also continue in their roles.

In March, CIBC announced Dodig was going to retire after spending more than a decade at the top post. He will act as a special adviser to Culham for six months after leaving the post.

Dodig played a key role in transforming “CIBC into the modern, relationship-oriented bank it is today,” Kate Stevenson, chair of the bank’s board of directors, said in a release in March.

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CEOs of Canadian banks tend to retire after a decade, and Dodig will be the second Big Six CEO to retire this year, following

Toronto-Dominion Bank

’s Bharat Masrani, who left his post in February.

Royal Bank of Canada

’s Dave McKay is the only other CEO in the group with more than 10 years of experience at the top spot.

• Email: nkarim@postmedia.com