CIBC announced on Thursday a reorganization of its treasury and risk management group.

Ken Kilgour, currently executive vice president, treasury and risk management, has been named CIBC’s chief risk officer and senior executive vice president, effective immediately. Kilgour’s current responsibilities for retail and corporate credit will be expanded to include all aspects of risk management at CIBC.

Tom Woods, senior executive vice president and chief financial officer, will assume expanded responsibility for CIBC’s treasury operations while maintaining his current responsibilities.

CIBC also announced that Steven McGirr, chief risk officer, treasury and risk management, will be leaving the organization effective July 1 and will transition his responsibilities during that time.

“Ken has a proven history of success during his 25 years at CIBC,” said Gerry McCaughey, president and CEO of CIBC. “He has strong knowledge of our retail and wholesale banking businesses and extensive experience and understanding of our risk management practices and policies. He will help further support our client focus and our overall objective to deliver consistent and sustainable revenue and earnings performance over the long term.”

Kilgour joined CIBC in 1982 and has held a number of senior management positions with CIBC and CIBC World Markets.

“I want to thank Steve for his more than two decades of service to CIBC and wish him continued success in the future,” said McCaughey.