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# CIBC names former finance minister Bill Morneau as board chair from 2027
- URL: https://www.theglobalbanker.com/cibc-names-former-finance-minister-bill-morneau-as-board-chair-from-2027/
- Published: 2026-10-30T23:19:10.000Z
- Updated: 2026-10-30T23:19:10.000Z
- Description: CIBC will make Bill Morneau, Canada's finance minister from 2015 to 2020 and a director since 2022, chair of its board on 1 January 2027, succeeding Katharine B. Stevenson, who steps down after six years as chair.
- Author: TGB Editorial Team
- Tags: Executive Moves, Americas, #newsroom, #needs-photo

[CIBC](https://www.theglobalbanker.com/rankings/) has named Bill Morneau, [Canada](https://www.theglobalbanker.com/market-canada/)'s former finance minister, as chair of its board from 1 January 2027\. He will succeed Katharine B. Stevenson, who retires from the board on 31 December 2026 after six years as chair and 10 years as an independent director, the bank said.

Morneau is not new to the boardroom he will lead. He has been an independent director of CIBC since 2022, chairs the board's Corporate Governance Committee, previously chaired its Technology Committee and is a director on CIBC's US board.

## FINANCE MINISTER TURNED BANK DIRECTOR

Morneau served as Canada's minister of finance and as a member of parliament from 2015 to 2020, and in that period was also a Governor of the International Monetary Fund and the World Bank, according to the bank. Before politics, he led Morneau Shepell from 1990 to 2015, building it into Canada's largest human resources and pension services firm.

As finance minister, his responsibilities extended to the Bank of Canada, the Royal Canadian Mint and the Canada Pension Plan Investment Board. In 2016 he reached an agreement with the provincial and territorial governments to expand the Canada Pension Plan.

His CIBC biography adds that he took part in international forums including the Organization for Economic Co-operation and Development, and that he has chaired the C.D. Howe Institute, St. Michael's Hospital and Covenant House. He currently chairs NovaSource Power Services and is a director of Clairvest Group.

## A HANDOVER IN JANUARY

Stevenson said Morneau's strategic insight and leadership experience in the public and private sectors "will be invaluable" as the board supports CIBC in the next phase of its client-focused and purpose-led growth strategy.

"I am honoured to succeed Kate and look forward to building on the strong foundation she has established," he said. CIBC serves 15 million personal banking, business, public sector and institutional clients.

CIBC is one of six domestic systemically important banks, with RBC, TD, Scotiabank, BMO and National Bank, that together held about 95% of the C$10.0tn of consolidated assets reported to OSFI by federally regulated banks in July 2026, according to TGB's market profile.

## THE TGB VIEW

CIBC ranks 11th in the Americas table of the TGB Bank Rankings, with US$796.8bn of total assets for the year to October 2025, roughly half the size of RBC (US$1,658.6bn) and TD (US$1,494.2bn). Its 13.1% return on equity trails TD (16.1%) and RBC (14.6%) but is well ahead of BMO (9.9%) and Scotiabank (9.0%), so the board he inherits runs a mid-sized but solidly profitable bank. The handover date to watch is 1 January 2027, when a former finance minister and IMF and World Bank governor takes over a board that already knows him as head of its governance committee.

*Related: [Canada's CIBC Q3 2026 Canadian Personal & Business Banking net income jumps 17% to C$948 million](https://www.theglobalbanker.com/cibc-q3-2026-canadian-personal-business-banking-net-income-c-dollar-948-million/)*