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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-19 C$ 59.07
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Globe says former finance minister to join CIBC board

2022-10-19 07:59 ET - In the News

The Globe and Mail reports in its Wednesday edition that former finance minister Bill Morneau will join the board of Canadian Imperial Bank of Commerce. The Globe's David Milstead writes that Mr. Morneau will start his tenure on Nov. 1. In CIBC's current fiscal year, the bank is paying its directors $100,000 in cash, plus $125,000 in stock. Directors earn additional fees for serving on board committees and can get more payments for travel or unscheduled meetings. Four CIBC directors exceeded $400,000 in compensation for the fiscal year ended Oct. 31, 2021. "Bill Morneau is an accomplished leader with extensive government, public policy and business experience along with strong international expertise," Kate Stevenson, CIBC's board chairman, said in a statement announcing the move. "His strategic insight and breadth of leadership across the public and private sectors will benefit our board as we oversee the execution of CIBC's client-focused and purpose-driven growth strategy." Mr. Morneau resigned from politics in 2020. He previously led his family's human-resources firm Morneau Shepell, which has changed its name to Lifeworks. Telus bought Lifeworks earlier this year for $33 a share or $2.3-billion.

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