Hamilton, Bermuda – 18 August 2011: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that Victor G. Dodig has joined its Board of Directors.
Mr. Dodig was nominated for appointment to the Board by Canadian Imperial Bank of Commerce (“CIBC”) to replace John Orr, as one of its two representatives on Butterfield’s 12-member Board. He was elected to the Board on 27 July 2011.
Mr. Dodig is Senior Executive Vice-President, CIBC and Group Head, Wealth Management, a position he has held since March 2011. He has responsibility for CIBC’s asset management, retail brokerage and private wealth management businesses.
Mr. Dodig joined CIBC in 2005 as Executive Vice-President, Wealth Management, CIBC Retail Markets. Before joining CIBC, Mr. Dodig was Managing Director and Chief Executive Officer for UBS Global Asset Management in Canada, and prior to that, spent five years as a Managing Director in Canada, the US and the UK for Merrill Lynch and Company. From 1994 to 1997, Mr. Dodig was a Management Consultant with McKinsey and Company.
Mr. Dodig holds a Master’s degree in Business Administration from Harvard University and a Bachelor of Commerce from the University of Toronto (St. Michael’s College). He also holds a Diploma from the Institut D’Études Politiques in Paris.
John Orr, who has completed a three-year term as Chief Executive Officer at CIBC’s majority-owned subsidiary, FirstCaribbean International Bank, is returning to CIBC as Executive Vice President, Corporate Development and Strategy. Concurrently with that reassignment, Mr. Orr left Butterfield’s Board where he served as a Director since April 2010.
Robert Mulderig, Chairman of Butterfield’s Board of Directors, said, “On behalf of the Board, I would like to welcome Victor as a Director. His perspective and knowledge, gained through many years of leadership in international wealth management, will be valuable to Butterfield, particularly as we work to enhance our Group investment advisory and asset management businesses.”
Mr. Mulderig added, “I would also like to thank John for the contributions he has made to the Board since joining in 2010. His expertise in Caribbean banking proved valuable to the Board as we worked with management to establish business development strategies for our island jurisdictions following the recapitalisation of the Bank last year.”