Richard Nesbitt, CIBC Wood Gundy Securities Inc.'s managing director and head of its trading floor, has resigned to join HSBC James Capel Canada Inc., a CIBC Wood Gundy spokeswoman said.

Mr. Nesbitt will become James Capel's new president, replacing Don Pangman.

Mr. Nesbitt, a 10-year veteran of one of Canada's oldest brokerages, was not immediately available for comment. CIBC Wood Gundy is owned by Canada's second-largest bank, Canadian Imperial Bank of Commerce. Mr. Nesbitt ran the global bond and equity trading and sales department.

Wayne Fox, president of CIBC Wood Gundy Securities, will oversee the trading floor until a replacement can be found.

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