Mr. Victor Dodig reports

CIBC ANNOUNCES ORGANIZATIONAL CHANGES TO STRENGTHEN FOCUS ON ITS CLIENTS

Canadian Imperial Bank of Commerce has made changes to the bank's organizational structure that aligns to CIBC's focus on being a strong, innovative, relationship-oriented bank.

"We've made much progress over the last year to continue to strengthen how we serve our clients," said Victor Dodig, president and chief executive officer of CIBC. "Today's changes support our natural evolution and build upon our momentum as we head into 2016."

Mr. Dodig said that these organizational changes place further emphasis on three areas of strategic focus:

• Innovating for the future: Increasing the focus and investment in innovation to find new ways to add value and make banking easier and more flexible for its clients is a top priority for CIBC. While the bank have many firsts and is seen as an innovation leader today, the industry is changing rapidly and is facing competition from both traditional and emerging players. David Williamson, senior executive vice-president and group head of retail and business banking, will lead this effort, taking on expanded responsibility for bank-wide innovation.
• Simplifying the bank: It is essential that CIBC simplifies the bank to make it easier for its clients to do business, easier to get work done and to free up resources to reinvest in the business. Mike Capatides, senior executive vice-president, chief administrative officer and general counsel, will take on expanded responsibility for these efforts.
• Focusing on its clients: Over the last year, CIBC has put significant focus on executing on a client-focused strategy and is committed to building on this momentum. Stephen Forbes has been named executive vice-president and chief commercial officer and will take on expanded responsibility for the bank's goal of becoming the leader in client relationships by enhancing their experience and satisfaction at every interaction.

In addition, Mr. Dodig also announced the following changes:

• Geoff Belsher, group co-head of CIBC's wholesale banking business, will be retiring from CIBC, effective Sept. 30, 2015. "I would like to thank Geoff for his contributions to our bank. He has been an important part of our team, and we wish him much success in the future," said Mr. Dodig.
• Harry Culham, has been named senior executive vice-president and group head, wholesale banking. Under his leadership, wholesale banking will continue to execute on its client-focused strategy.
• Laura Dottori-Attanasio, senior executive vice-president and chief risk officer, will take on expanded responsibility for compliance and anti-money laundering.
• Kevin Patterson, senior executive vice-president, technology and operations, will take on expanded responsibility for corporate security.
• Jon Hountalas, executive vice-president, is taking on a new role overseeing CIBC's business and corporate banking businesses, reporting directly to Mr. Dodig, as well as having a dotted-line reporting relationship to David Williamson and Mr. Culham to ensure that retail and business banking and wholesale banking financial results are achieved. He will join CIBC's executive committee.
• Christina Kramer, executive vice-president, retail distribution and channel strategy, has taken on added responsibility for the operations of President's Choice Financial. She will continue to report to Mr. Williamson and will join CIBC's executive committee.
• Sandy Sharman has been named executive vice-president and chief human resources officer, with responsibility for talent and people strategies. She continues to report to Mike Capatides and will join CIBC's executive committee.

Steve Geist, senior executive vice-president and group head, wealth management, and Kevin Glass, senior executive vice-president and chief financial officer, continue with their current responsibilities, reporting to Mr. Dodig.

"With the changes we are announcing today, we will further the work we began a year ago to make CIBC a strong, innovative, relationship-oriented bank. I am proud of what we have accomplished together and look forward to even greater success in 2016 as these leaders assume their new roles and we increase the momentum and intensity around innovation, transforming our bank and focusing on our clients," added Mr. Dodig.