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.