The Globe and Mail reports in its Thursday, March 13, edition that CIBC chief executive officer Victor Dodig will retire at the end of October, passing the role to Harry Culham, head of the bank's capital-markets business. The Globe's Andrew Willis writes that Mr. Dodig has led CIBC for 11 years, during which he strengthened the bank's balance sheet, made a historic $4.9-billion acquisition of a Chicago-based lender and expanded the retail platform. His departure comes after a year of strong stock performance. "This felt like the right time," Mr. Dodig said. He is turning 60 this year, which influenced his decision to step down. Mr. Culham will become chief operating officer April 1, then succeed Mr. Dodig as CEO on Oct. 31, the bank's fiscal year-end. Mr. Dodig will remain at CIBC as senior adviser to the board and new CEO until the end of April, 2026. Mr. Culham emerged as the winner of a three-horse race that played out smoothly and publicly over the past year, a contrast to previous CIBC succession battles that led to the losing candidate departing abruptly. CIBC's board signalled that Mr. Culham was the leading contender last March by giving the former currency-trading trainee additional responsibilities.