John Hunkin, CEO of CIBC, announced today that he will retire from CIBC, effective August 1, after 36 years with the bank. Gerry McCaughey, CIBC’s president and chief operating officer, will succeed Hunkin as president and CEO, and will become a member of CIBC’s board of directors.

“Gerry McCaughey is a proven leader with a clear vision of the future and a record of getting things done,” said Hunkin, in a release. “At each turn since being named chairman and CEO of CIBC World Markets in February 2004 and then president and chief operating officer of CIBC late last year, Gerry has demonstrated leadership and an ability to build solid teams and deliver strong results. With Gerry now firmly in place, it’s the right time for me to step aside and let him take CIBC forward. I have every confidence in Gerry’s leadership and CIBC’s continued success.”

“Under John’s leadership, we have reduced CIBC’s risk profile, strengthened our balance sheet, delivered significant value to our shareholders and built industry-leading franchises,” said McCaughey. “Our priority will be to build on these achievements by deepening client relationships, enhancing productivity, strengthening credit quality and generating long-term sustainable growth.”

McCaughey, 49, has been a member of CIBC’s senior executive team since 1999. During the past six years, he has had responsibility for each of CIBC’s major business units, including the wealth management, investment banking and credit card franchises.

In February 2004, McCaughey was named chairman and CEO, CIBC World Markets, in addition to maintaining his leadership responsibilities for CIBC Wealth Management. In December 2004, he was appointed president and COO of CIBC.