Mr. Beth McKay reports

CIBC INNOVATION BANKING ANNOUNCES LEADERSHIP APPOINTMENTS

Canadian Imperial Bank of Commerce's CIBC Innovation Banking has appointed Paul McKinlay and Patrick Martin as executive managing directors and co-heads, effective Nov. 1, 2024, as Mark Usher retires from his position as president and executive managing director.

CIBC Innovation Banking has become an established lender in the innovation economy in North America. Mr. Usher joined CIBC with the acquisition of Wellington Financial in 2018 and has served as a key member of the leadership team, with a pivotal role in building the Innovation Banking business. Over the last six years, CIBC Innovation Banking has deployed $10.8-billion in capital to more than 600 venture capital (VC) backed businesses.

Mr. Usher is succeeded by Mr. McKinlay and Mr. Martin. Mr. McKinlay was previously vice-president and head of U.S. originations and joined CIBC with the acquisition of Wellington Financial, where he lived in the Bay Area building Wellington's presence in Silicon Valley. For the last two years, Mr. McKinlay has led the U.S. markets operation, with a team of 35 bankers across 10 offices, partnering with technology entrepreneurs, chief financial officers, VCs and growth equity investors across the U.S.

Mr. Martin has been at CIBC for more than 14 years and moved to the Innovation Banking team in 2021. In his role as vice-president, portfolio and credit solutions, he has been instrumental in the development of CIBC Innovation Banking's vision and long-term strategies across the U.S., Canada and Europe.

The leadership changes come alongside a realignment of the CIBC Innovation Banking team designed to deepen its early and late-stage customer focus and enhance its product offerings across the entire life cycle of its client base. Amy Olah becomes managing director and head of Canadian and U.S. West Coast venture banking, Paul Gibson becomes managing director and head of U.S. East Coast venture banking and Andrew Phillips becomes managing director and head of sponsor finance.

Mr. McKinlay, executive managing director and co-head, said: "In the past six years we have built a scaled, multibillion dollar platform serving technology companies and their investors. We have an incredible team of real domain experts who carry the tools and expertise to serve companies at really any stage of their life cycle. Through Mark's leadership, we have all the ingredients to grow our market position in the venture and technology banking landscape and I'm very excited to work with Patrick and the whole team in doing exactly that."

Mr. Martin, executive managing director and co-head, said: "Since 2018, CIBC Innovation Banking has created a platform for venture, allowing entrepreneurs and their VC investors to access the fuel they need to grow. I look forward to working alongside Paul and building on Mark's legacy as we continue to support continued growth in the innovation economy."

Mr. Usher, retiring president and executive managing director, said: "At CIBC Innovation Banking, we have always supported the path of our clients. Since the acquisition of Wellington Financial in 2018, I am very proud of the fact that we have substantially grown the business from a $300-million fund to over $11-billion in funds managed and played a growing role in innovation ecosystems across North America, the United Kingdom and Europe. I am excited to see Paul and Patrick bring new energy to the business as CIBC Innovation Banking continues its growth journey."

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the U.K. and select European countries at each stage of their business cycle, from start-up to IPO (initial public offering) and beyond.