CIBC, in conjunction with the release of the bank’s fourth quarter earnings, today announced the appointment of Gerry McCaughey as president and chief operating officer, effective immediately. McCaughey will report to CIBC CEO John Hunkin.

In his new role, McCaughey will be responsible for all of CIBC’s operating businesses, including retail and small business banking, commercial banking, cards, wealth management, CIBC World Markets, President’s Choice Financial and the bank’s ombudsman function, as well as technology and operations.

McCaughey, 48, began his financial services career in 1981 as an account executive with Merrill Lynch in Montreal. He joined CIBC in 1990, when CIBC acquired the Canadian private client operations of Merrill Lynch.

Since 1999, McCaughey has been a member of CIBC’s senior executive team and has led CIBC’s Wealth Management business

In February 2004, McCaughey was named chairman and Chief Executive Officer, CIBC World Markets (CIBC WM), retaining leadership responsibilities for CIBC Wealth Management.

In related moves, CIBC named Brian Shaw as chairman and CEO of CIBC WM, and appointed Steven McGirr as president of CIBC WM. Both appointments are also effective immediately.

Shaw will report to McCaughey. In his new role, Mr Shaw, 51, will be responsible for CIBC’s investment banking and capital markets activities.

Shaw joined CIBC Wood Gundy in 1985, and became deputy chair, CIBC World Markets Inc. in 2002.

McGirr, 49, who is currently deputy chair, debt capital markets at CIBC WM, will become president of CIBC WM, adding responsibility for CIBC’s merchant banking and commercial banking operations, reporting directly to McCaughey in these areas. He also retains his existing responsibilities for debt capital markets, Europe and Asia, reporting to Shaw.

McGirr joined CIBC Wood Gundy in 1984.