UPDATE 1-CIBC appoints Robert Sedran as CFO
(Adds background on Sedran and CIBC results in paragraph 3- 7, on peer TD Bank in paragraph 8)
March 7 (Reuters) - Canadian Imperial Bank of Commerce on Thursday appointed insider Robert Sedran as CFO replacing Hratch Panossian, who will now head the bank's Personal and Business banking unit.
Sedran, who will also assume the role of a senior executive vice president, has held multiple roles at the Toronto, Ontario-based bank and was most recently CIBC's Treasurer.
Sedran has previously also led the bank's Enterprise Strategy and Corporate Development unit, as well as Equity Research in Capital Markets, as per CIBC.
Panossian, who has been at CIBC for over a decade, will take over an under-pressure Canadian business that has been struggling with record borrowing costs and a slower economy.
CIBC's provisions for bad loans almost doubled to C$585 million($433.88 million) in the first quarter.
The executive rejig comes as CEO Victor Dodig is set to complete a decade at the fifth-largest lender in the country.
CIBC
beat estimates
for quarterly profit last week, driven by strong loan volumes and growth in deposits at home.
Peer TD Bank is also
facing turbulence
, but CEO Bharat Masrani, who is also marking ten years at the helm, said that a detailed and robust succession plan was in place.
($1 = 1.3492 Canadian dollars) (Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
