Canadian Imperial Bank of Commerce said on Thursday that David Kassie, Chairman and CEO of the bank’s CIBC World Markets unit, has left the firm and has been replaced by Gerry McCaughey, Vice Chair of Wealth Management at the firm.

CIBC said Kassie’s departure has nothing to do with the firm’s recent regulatory troubles and that he left to "focus on other interests." McCaughey was approved by board and takes the helm immediately.

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