John S. Hunkin
| John S. Hunkin | |
|---|---|
| Born | |
| 🏳️ Citizenship | Canadian |
| 🎓 Alma mater | Schulich School of Business, York University |
| 💼 Occupation | Banker |
| 🏢 Organization | CIBC |
John S. Hunkin is a Canadian banking executive.[1] He was formerly president and CEO of the Canadian Imperial Bank of Commerce from 1999 to 2005.[2]
Career
John completed his undergraduate degree at the University of Manitoba.[3]
Hunkin joined CIBC in 1969 upon completing his MBA at the Schulich School of Business at York University.[4] In 1988, Hunkin served as president for Wood Gundy and later as the President of Investment and Corporate Banking CIBC World Markets from 1997 to 1999. In 1992, he was promoted to president of the bank's investment banking unit and was elected to the CIBC board in 1993. In June 1999, Hunkin became the Chairman and CEO of the bank, beating Holger Kluge in a heated succession race.[4] Upon his appointment, he led the launch of Amicus, a U.S. electronic bank, as well as an entrance into Wall Street investment banking.[5]
Much of Hunkin's tenure as CEO was defined by the Enron scandal.[6] CIBC was one of Enron’s bankers - as such, the bank spent years defending itself against allegations that it helped the American energy company commit fraud. In 2005, CIBC paid $2.4 billion to settle a class-action lawsuit related to the scandal.[7]
In 2005, Hunkin was the highest paid CEO out of all big five bank CEOs. He earned $8.3 million in salary and bonuses.[8][9] Upon retirement in 2005, he increased CIBC's profits by 86%. In addition, the bank’s stock climbed 112% since he took over. This was 4% better than the overall industry.[4]
Personal Life
After retirement, Hunkin continues to be involved with several other organisations which include the Schulich School of Business Dean’s Advisory Council, St. Michael’s Hospital Foundation and the Centre for Addiction and Mental Health.[10][11] He currently serves as Chair of the Dean’s Advisory Council at Schulich.[12]
References
- ↑ Simon, Bernard (2004-02-27). "Bank Works To Improve Its Image In Canada". The New York Times. ISSN 0362-4331. Retrieved 2022-08-09.
- ↑ "Hunkin to retire from CIBC". Investment Executive. 2005-06-29. Retrieved 2022-08-09.
- ↑ Bloomberg. "John S Hunkin". www.bloomberg.com. Archived from the original on
|archive-url=requires|archive-date=(help). - ↑ 4.0 4.1 4.2 Stewart, Sinclair (2005-06-30). "Hunkin feels 'great' as he puts woes behind". The Globe and Mail. Retrieved 2022-08-05.
- ↑ Bradshaw, James (2018-09-28). "Victor's vision: How CIBC's CEO is revamping Canada's No. 5 bank". The Globe and Mail. Retrieved 2022-08-09.
- ↑ "Canadian Imperial Bank of Commerce (CIBC) | The Canadian Encyclopedia". www.thecanadianencyclopedia.ca. Retrieved 2022-08-09.
- ↑ Bagnell, Paul (2016-06-29). "Why history hasn't been kind to CIBC's forays in the U.S. - BNN Bloomberg". BNN. Retrieved 2022-08-09.
- ↑ "Hunkin gets biggest salary". The Globe and Mail. 2005-01-27. Retrieved 2022-08-05.
- ↑ Stewart, Sinclair (2005-08-04). "Hunkin's millions likely safe". The Globe and Mail. Retrieved 2022-08-05.
- ↑ Howlett, Karen (2002-04-19). "CIBC's Hunkin assails business mindset". The Globe and Mail. Retrieved 2022-08-05.
- ↑ "John S. Hunkin". Alumni and Friends. Retrieved 2022-08-05.
- ↑ Cindy. "Leaders". Schulich Leading Change. Retrieved 2022-08-09.
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