Canadian Imperial Bank of Commerce said on Thursday that David Kassie, Chairman and CEO of the banks CIBC World Markets unit, has left the firm and has been replaced by Gerry McCaughey, Vice Chair of Wealth Management at the firm.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 Kassies departure has nothing to do with the firms recent regulatory troubles and that he left to "focus on other interests." McCaughey was approved by board and takes the helm immediately.
Earlier this week Paul Flynn, a former managing director of CIBCs equity trading desk, was arrested and arraigned for allegedly stealing $1 million from mutual funds in an illegal late trading plot. The SEC has also filed civil charges against Flynn, who faces up to 25 years in prison.
McCaughey, 47, began his career as an account executive at Merrill Lynch in 1981.