CIBC has appointed former Canadian finance minister Bill Morneau as board chair from Jan. 1, 2027, beginning a governance handover after the current chair retires at year-end.
The bank announced the succession Oct. 30. Morneau will succeed CIBC Chair Katharine B. Stevenson, whose board retirement is scheduled for Dec. 31, 2026. CIBC said Stevenson served six years as chair and 10 years as an independent director.
Morneau has been an independent director at CIBC since 2022. He chairs the Corporate Governance Committee, previously chaired the Technology Committee and serves on the bank's U.S. board. The appointment shifts the chair to a director already serving on CIBC's board.
His experience spans public office, international financial institutions and business. From 2015 to 2020, Morneau was Canada's finance minister and represented Toronto Centre in Parliament. CIBC's board profile says he also served as a governor at the International Monetary Fund and the World Bank during that period.
Before entering government, Morneau led Morneau Shepell from 1990 to 2015. CIBC credits his leadership with making the company Canada's biggest firm in its human resources and pension services businesses. He also chairs NovaSource Power Services and serves as a director at Clairvest Group Inc.
Stevenson said Morneau's work across government and business would benefit the board as it supports CIBC's next stage of growth. She cited his “strategic insight” and experience in both sectors. CIBC describes its growth strategy as client-focused and purpose-led.
Morneau said he was “honoured to succeed Kate.” His appointment takes effect Jan. 1, 2027, one day after Stevenson's scheduled board retirement.
