TORONTO, March 27, 2014 /CNW/ - Gerry McCaughey, President and CEO of CIBC (TSX: CM) (NYSE: CM), today said that Chief Operating Officer, Richard Nesbitt, has announced his intention to retire effective October 2015. "Over the past six years, we have built considerable momentum, achieved many accomplishments on behalf of our clients and delivered significant value to our stakeholders," said Mr. Nesbitt. "I am proud of the strong foundations that are now in place and grateful to have had the opportunity to work with so many talented people across the organization." "Richard has made significant contributions to CIBC, and the financial services industry as a whole, over the span of his exceptional career," said Mr. 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." Mr. Nesbitt joined CIBC in 2008, following his more than 27 years of experience in the securities industry. In this role, Mr. Nesbitt 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. Mr. Nesbitt 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. From 2004 to 2008 he was Chief Executive Officer of TSX Group having joined TSX as President of TSX Markets in 2001. Prior to joining the company in 2001, Mr. Nesbitt served as President and Chief Operating Officer of BayStreetDirect Inc., an Internet based investment dealer. Before that Mr. Nesbitt was President and Chief Executive Officer of HSBC Securities Canada for three years, after having worked for 10 years at CIBC Wood Gundy.