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March 27 (Bloomberg) -- Canadian Imperial Bank of Commerce, the country’s fifth-largest lender, said Chief Operating Officer Richard Nesbitt will retire in October 2015.

Nesbitt, 58, has been with CIBC since 2008, when he was hired to oversee the lender’s investment-banking business, the Toronto-based firm said today in a statement. He later gained oversight of international banking, including the lender’s Caribbean business and treasury as well as technology and operations. In June, he was elevated to COO.

“Over the past six years, we have built considerable momentum, achieved many accomplishments on behalf of our clients and delivered significant value to our shareholders,” Nesbitt said in the statement.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: Peter Eichenbaum at; David Scanlan at Steven Crabill, Dan Reichl

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