Gerry McCaughey, president and CEO of CIBC (TSX: CM) said Thursday that chief operating officer, Richard Nesbitt, has announced his intention to retire effective October 2015.

“Richard has made significant contributions to CIBC, and the financial services industry as a whole, over the span of his exceptional career,” said McCaughey. “I, and the Board of Directors, respect Richard’s decision and appreciate his commitment to ensure a smooth transition to new leadership in his areas of responsibility. In the meantime, he will continue to be a key member of the executive team focused on building further momentum in our business and increased focus on our clients.”

Nesbitt joined CIBC in 2008, following his more than 27 years of experience in the securities industry. In his role of COO, he is responsible for the global operations of wholesale banking, technology and operations, strategy and corporate development, CIBC’s international operations, including CIBC FirstCaribbean International Bank, and treasury.

From 2004 to 2008, Nesbitt was CEO of TSX Group having joined TSX as president of TSX Markets in 2001. Prior to joining the company in 2001, he served as president and COO of BayStreetDirect Inc., an Internet based investment dealer. Before that Nesbitt was president and CEO of HSBC Securities Canada for three years, after having worked for 10 years at CIBC Wood Gundy.

Nesbitt is an advisory committee member on the Women in Capital Markets Advisory Council, chairman of the finance committee for Pan Am Games 2015, member of the Rotman School of Management – Financial Services Advisory Board and a member of the SickKids Foundation board of directors and the London School of Economics, North American Advisory Board and the Major Individual Gift Committee Chair of the 2013 GTA United Way Campaign.

He holds a M.Sc. in Accounting and Finance from the London School of Economics and Political Science, an MBA from the University of Toronto, Rotman School of Management and a B.A. (Honours) in Business Administration from The University of Western Ontario, Richard Ivey School of Business.