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Gerry McCaughey names Brian Shaw as Chairman and Chief Executive Officer of CIBC World Markets

10:08 EST Thursday, December 02, 2004

Steven McGirr named President, CIBC World Markets

TORONTO, Dec. 2 /CNW/ - Brian Shaw, Deputy Chair, Global Equities and Commodities, CIBC World Markets, has been named Chairman and Chief Executive Officer of CIBC World Markets, reporting to CIBC President and Chief Operating Officer Gerry McCaughey. The appointment is effective immediately. In his new role, Mr. Shaw, 51, will be responsible for CIBC's investment banking and capital markets activities.

"Brian Shaw is an excellent leader who has extensive capital markets experience in both Canada and the United States," said Gerry McCaughey, CIBC's President and Chief Operating Officer. "Brian is very disciplined, results- oriented and client-focused - his leadership will be important in delivering solid, sustainable growth in the years ahead."

Mr. Shaw joined CIBC Wood Gundy in 1985. In 1989 he was named Vice President, CIBC World Markets and in 1995 he was appointed Managing Director, Institutional Equities. In 1997 Mr. Shaw was named Head, Institutional Equities and Commodity Products and, in 2002, he was named Vice Chairman and Head of Global Equities and Commodity Products. Mr. Shaw became Deputy Chair, CIBC World Markets Inc. in 2002.

Mr. Shaw, who was born in Athabasca, Alberta received his B. Com. degree from the University of Alberta in 1975 and his Masters in Business Administration from the same university in 1977.

In a related move, Steven McGirr, Deputy Chair, Debt Capital Markets, CIBC World Markets, has been named President of CIBC World Markets, also effective immediately. Mr. McGirr, 49, will become President of CIBC World Markets, adding responsibility for CIBC's merchant banking and commercial banking operations, reporting directly to Gerry McCaughey in these areas. He also retains his existing responsibilities for Debt Capital Markets, Europe and Asia, reporting to Brian Shaw.

"Steven McGirr is one of Canada's most respected underwriting advisors and a committed client service professional, exemplifying the qualities that have made CIBC World Markets such a trusted business advisor," said Gerry McCaughey, President and Chief Operating Officer, CIBC. "He is a proven business leader who has a track record of leading large and complex business units."

Mr. McGirr joined CIBC Wood Gundy in 1984, following six years of experience with various federal government departments and crown corporations. During his career he has been responsible for numerous major public projects and large debt issues. In recognition of his outstanding contributions in this area, Mr. McGirr received the Province of Saskatchewan Distinguished Service Award in 2004. In addition to heading up Debt Capital Markets, which encompasses origination, trading and sales of debt, securitized products, interest rate derivatives and foreign exchange, Mr. McGirr has exercised international responsibility as Head of CIBC World Market's European and Asian regions.

Mr. McGirr, who was born in Kitchener, Ontario, and grew up in Montreal, Quebec, received his B.A. (Hons) and MPA from Queen's University.

CIBC, headquartered in Toronto, is a leading North American financial institution with almost nine million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world.

/For further information: Media inquiries should be directed to Robert E. Waite, Senior Vice-President of Communications and Public Affairs, at (416) 956-3330, or to Rob Mcleod, Senior Director, External Communications at (416) 980-3714/

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