The Big Six bank said Thursday morning longtime CEO Victor Dodig would retire at the end of October after 11 years in the role, and two decades at the bank. Harry Culham, who started at the company as an intern in Vancouver, took over CIBC’s capital markets business in 2015. He will be appointed COO on April 1, and begin his tenure as CEO on Nov. 1. (The Logic)

Talking point: “The time is right to hand the baton to Harry,” said Dodig, who will serve as a special advisor to Culham and the board until the end of April 2026. During his tenure, Dodig oversaw the exclusivity deal for Costco’s Canadian credit card business and the acquisition of Chicago commercial bank PrivateBancorp. Dodig is the latest example of a C-suite turnover trend; last year, CEO departures worldwide hit a record high, including a “wave” of retirements, according to a report from advisory firm Russell Reynolds Associates.