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According to BNN.ca, changes are afoot at CIBC: a shakeup of the management team has two department heads leaving the company, as well as a couple of promotions. One of those promotions sees Desautels alumnus Jon Hountalas (BCom’84, MBA’91), bumped up to Group Head, Commercial Banking and Wealth Management, Canada from his previous role of running the company’s commercial banking arm. This comes as CEO Victor Dodig announces that some 40 junior executives are being moved around as well.

Mr. Hountalas brings an abundance of experience to the table: he has been with CIBC since 2010; and before that, he worked for HSBC for over 25 years.