CIBC Hires Former New Brunswick Power CEO David Hay for Investment Banking

Canadian Imperial Bank of Commerce hired David Hay, the former chief executive officer of New Brunswick Power Corp., as a vice chairman for investment banking.

Hay, 54, will join CIBC in Toronto on Sept. 7, the Toronto- based company said today in an internal memo.

Hay has investment-banking experience in Canada and Europe, where he advised industries including power, utilities and capital goods. Before New Brunswick Power, Hay worked as a managing director in investment banking at advisory firm Delgatie Inc. and at Merrill Lynch & Co. in Toronto and London.

Hay announced his retirement as president and CEO of New Brunswick Power in January after six years with the government- owned utility, which agreed to sell its power plants to Hydro- Quebec for C$3.2 billion ($3.1 billion). Hydro-Quebec, Canada’s biggest electric utility, canceled the purchase in March because of concerns about risks associated with the assets.

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