Gerald T. McCaughey
Gerald Thomas McCaughey | |
---|---|
Born | 1956 (age 67–68) |
Nationality | Canadian |
Alma mater | Concordia University (B. Comm) |
Occupation | Financial Executive |
Known for | former president and chief executive officer of CIBC |
Spouse | Joanne (partner) |
Gerald T. McCaughey (born 1956) is a Canadian businessman who was formerly president and
Early years
McCaughey was born and grew up in Winnipeg and attended parish schools before moving to Montreal in 1970.
At 17 McCaughey left home, spending his summers working on the railway tunnels in the
Career
At Merrill Lynch McCaughey worked his way across the company's operations in Winnipeg, Edmonton and Montreal.[2]
In 1990
Since joining CIBC, McCaughey has risen up the ranks within the bank:
- 1994–1999 President of Wood Gundy Private Client Investments
- 1999–2002 Senior executive vice-president (Wealth Management)
- 2002–2004 Vice chair, CIBC
- 2004–2005 Chairman and chief executive officer, CIBC World Markets
- 2005–2005 President and chief operating officer, CIBC
- 2005–2014 President and chief executive officer, CIBC
As a result of several scandals with CIBC World Markets, McCaughey replaced
In 2005, McCaughey became president and chief operating officer of CIBC, making him the heir-apparent to CEO John Hunkin, while Brian Shaw succeeded McCaughey as chairman and chief executive officer of CIBC World Markets. In July 2005, McCaughey became chief executive officer when Hunkin's retirement date was pushed forward.[4] In 2008, Richard Nesbitt replaced Shaw as chairman and chief executive officer of CIBC World Markets.[5][6] On June 11, 2013, Nesbitt was named chief operating officer of CIBC while also retaining his responsibility for World Markets.[7]
On April 24, 2014, CIBC announced that McCaughey would be retiring as CEO effective April 30, 2016, having "secured a period of up to two years of continuing leadership from him should it be required for an orderly transition while providing for the potential of an earlier retirement date should a successor for Mr. McCaughey be identified and ready to assume leadership of CIBC before that time". On July 31, 2014, CIBC announced the appointment of Victor Dodig as president and CEO which would be effective on September 15, 2014, which accelerated McCaughey and Nesbitt's retirements to September 15, 2014.[8]
Compensation
McCaughey was paid $6.24 million in total direct compensation in 2009, according to the company's most recent annual proxy circular.
The Canadian Press reported on Thursday March 17, 2011, 8:36 pm EDT that "President and chief executive Gerald McCaughey's pay increased 50 per cent to $9.34 million last year."
Non-Banking Activities
Outside of banking, McCaughey serves various other boards:
- Chair of the advisory board for the Canada Institute of the Woodrow Wilson International Center for Scholars
- Director of the Frontier CollegeFoundation
- Member of The Learning Partnership's Corporate Advisory Board
- Member of the U.S. Council on Foreign Relations
In 2012 he was included in the
Personal
McCaughey is one of five siblings born to Thomas McCaughey,[9] a retired anesthetist (who now spends most of his time in Nepal) and French Canadian mother (his parents divorced in 1976).[10]
McCaughey lives in the downtown core of Toronto with longtime partner Joanne, an interior designer. They do not have any children. He reportedly does not own a car and lives in a modest condo.[11]
References
- ^ "CIBC CEO Gerry McCaughey". 29 September 2006.
- ^ "CIBC CEO Gerry McCaughey". 29 September 2006.
- ^ "CIBC CEO Gerry McCaughey". 29 September 2006.
- ^ "CIBC CEO Gerry McCaughey". 29 September 2006.
- ^ The Globe and Mail, Report on Business, by Virginia Galt and Tara Perkins – January 7, 2008 at 10:44 AM EST – Subprime woes lead to shakeup at CIBC
- ^ CIBC World Markets Executive Biographies - Richard Nesbitt Archived 2008-08-27 at the Wayback Machine
- ^ "CIBC names Nesbitt chief operating officer".
- ^ "2 Retired CIBC Execs Keep Getting Paid, to the Tune of $25 Million". 2 April 2015.
- ^ "Gerald T. McCaughey".
- ^ "CIBC CEO Gerry McCaughey". 29 September 2006.
- ^ "CIBC CEO Gerry McCaughey". 29 September 2006.