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Bill Morneau, seen here in 2020, has served as an independent director of CIBC since 2022.Justin Tang/The Canadian Press
Canadian Imperial Bank of Commerce CM-T is naming former federal finance minister Bill Morneau as the next chair of its board of directors.
Morneau will assume the role on Jan. 1, succeeding Katharine Stevenson, who is will retire from the board at the end of 2026.
Stevenson has been chair of the bank for six years and an independent director for 10 years.
Morneau has served as an independent director of CIBC since 2022.
Before entering politics, Morneau led human resources and pension services firm Morneau Shepell from 1990 to 2015.
Morneau currently serves as chair of NovaSource Power Services and as a director at Clairvest Group Inc.