CFO Hratch Panossian will move into a new role leading personal and business banking and will be replaced by Robert Sedran, previously CIBC’s treasurer. Capital markets head Harry Culham’s role will expand to include enterprise strategy and corporate development. (The Logic)

Talking point: Succession planning at Canada’s big banks has become a key point of focus. In September 2022, Scotiabank hired Scott Thomson as CEO, who hadn’t worked directly in financial services in two decades but chaired the committee that oversaw succession planning. A February report from Jefferies Financial Group analysts said succession planning for bank CEOs and senior executives “could be focal points for the market in the very near term,” Bloomberg reported. The analysts pointed to 67-year-old Toronto-Dominion Bank CEO Bharat Masrani as someone who “could soon call it a day.” TD Bank spokesperson Lisa Hodgins told Bloomberg the lender has “a robust succession-planning process.”