CIBC taps longtime insider to head U.S. operations

Canadian Imperial Bank of Commerce has named a new CEO for its U.S. subsidiary.

The Toronto company said Thursday that Michael Capatides, its chief administrative officer and general counsel, will take over as president and CEO of CIBC Bank USA on April 1.

Capatides, 63, will replace Larry Richman, who will transition to a new role as chair of of the U.S. region for CIBC Bank USA, which is based in Chicago.

Capatides joined CIBC in 1996 as general counsel and managing director of CIBC World Markets. He was named CIBC's general counsel in 1999 and was appointed chief administrative officer in 2014, a role in which he oversees strategy and corporate development.

Richman, 66, has served as head the U.S. operations since CIBC acquired The PrivateBancorp in mid-2017. He had been PrivateBancorp's CEO since 2007 and on his watch the company's assets grew fivefold to $20 billion.

CIBC's acquisition of PrivateBancorp initially stipulated that Richman was to remain in his post for three years before becoming chairman, but Richman asked to move up that time frame by a year, according to Crain’s Chicago Business.