Teck Cominco Ltd. announced yesterday evening that CIBC World Markets president Donald Lindsay will become president of the mining company on January 1 and will be groomed for the job of chief executive.

Lindsay, 46, a mining engineer by training, is currently president of CIBC World Markets Inc. and head of Canadian investment and corporate banking as well as head of the Asia Pacific region.

In a separate release, CIBC said David Leith will replace Lindsay as president of CIBC World Markets. Leith’s current title is managing director and head of debt origination, debt capital markets at CIBC’s investment banking arm.

Norman Keevil, chairman of Teck Cominco said Lindsay will likely be appointed CEO following David Thompson’s retirement from the position in April.

“Don Lindsay has the enthusiasm, experience and intellectual capacity to continue that development as we go forward,” Keevil said in a news release.

At CIBC World Markets, chairman and CEO Gerry McCaughey said, “David brings extensive debt, equity and M&A experience gained in over 20 years in investment banking in both London and Toronto. “David’s leadership and knowledge of the Canadian investment and corporate banking industry will play a key role in helping to maintain our leadership position in the years to come.”