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Stock impact report

Major bank appoints new CEO as longtime leader announces retirement [Wealth Professional (Canada)]

Royal Bank Of Canada (RY) 
Last royal bank of canada earnings: 2/21 06:00 am Check Earnings Report
US:NYSE Investor Relations: rbc.com/investorrelations/index.html
Victor Dodig , the chief executive of the Canadian Imperial Bank of Commerce (CIBC), will retire in October after more than a decade in the role, according to the Financial Post. CEOs of Canada's major banks often step down after about ten years. Dodig is the second leader of a Big Six bank to retire this year, following Toronto-Dominion Bank's Bharat Masrani, who left his position in February. Royal Bank of Canada's Dave McKay is the only other current CEO in the group with over a decade of experience in the role. CIBC has reported strong financial performance, with several quarters of improved profitability. The bank's share price hit a record high in December. Dodig's total compensation rose to $13.6m in 2023, making it the second highest among Big Six bank CEOs, up from $11.2m the previous year. Some analysts had anticipated he would stay in the position longer. “We are surprised at the announcement,” said Darko Mihelic, an analyst at Royal Bank of Canada. “We thoug Show less Read more
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