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CIBC Hires Canadian Environment Minister Prentice as Vice Chair

Nov. 4 (Bloomberg) -- Canadian Environment Minister Jim Prentice is stepping down at the end of the year to become a vice chairman at Canadian Imperial Bank of Commerce.

Prentice said he accepted a position at Canada’s fifth-largest lender as a senior executive vice president starting Jan. 1, ending his nine-year career in federal politics.

“Jim Prentice is a proven leader with strong relationships in the corporate sector and immense public policy expertise,” CIBC Chief Executive Officer Gerry McCaughey said today in a statement.

Prentice, 54, will be responsible for expanding CIBC’s relationships with corporate clients across Canada and abroad, the Toronto-based bank said.

House Leader John Baird will be acting environment minister, according to Andrew MacDougall, spokesman for the prime minister’s office. Prentice is a member of Parliament for a Calgary district.

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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