Time to chart my next Adventure
With the fifth anniversary of CIBC’s acquisition of Wellington Financial now in the rear-view mirror, I’ve decided that it’s the appropriate time to chart my next adventure.
The opportunity I’ve had has been as active and fulfilling as any in my career to date. During this five-year period, our team grew five-fold, expanded to fourteen different offices globally, rode out COVID-19 – as well as a boom and a swoon in the public markets – all while retaining both our collaborative culture and our track record of very low credit provisions. We committed more than $10 billion in new financing to a broad range of North American and European entrepreneurs, start-ups, funds and industry-leading growth companies. And we did this largely from scratch, generating over a billion dollars of incremental value for CIBC shareholders.
The entrepreneurs we backed came from every corner of the innovation economy, reflecting the diverse face of our society. That didn’t happen by accident, and the growth capital we provided helped create and preserve thousands of jobs in the process.
I want to thank everyone at CIBC who took the chance to support our efforts. We set out in 2018 to build a domestic champion for Canada’s Innovation Economy, and as CIBC SEVP Jon Hountalas said at Investor Day last June, we exceeded every possible scenario in the process. That CIBC is now one of the recognized leaders in this highly competitive market, on both sides of the border, is not only a tribute to both the strategy and its execution, but the commitment of each and every one of our team members.
To those entrepreneurs and VCs who took a chance on our then-new platform because I happened to have been involved, you have my eternal gratitude.
Whether my next adventure is another entrepreneurial mission, a corporate role, or something more public service-oriented, our sector can always count on my support.