Stephen Scholtz to be Appointed CIBC’s Global Chief Legal Officer
In a move signaling a strategic shift in its leadership, the Canadian Imperial Bank of Commerce (CIBC) has announced the upcoming appointment of Stephen Scholtz as its new Global Chief Legal Officer. Scholtz, a seasoned legal expert with nearly two decades of experience at CIBC, is set to take on this critical role amid a broader leadership reshuffle at the bank.
Scholtz’s promotion comes as CIBC prepares for the transition of its CEO. Harry Culham, who will assume the role of President and Chief Executive Officer on November 1, 2025, has emphasized Scholtz’s reputation as a respected leader within the organization. Culham highlighted Scholtz’s broad legal expertise and his ability to provide strategic counsel, qualities that will be instrumental in guiding CIBC’s legal affairs globally.
Stephen Scholtz’s career at CIBC spans nearly 20 years, during which he has held several key roles. Most recently, he served as General Counsel for Canada, a position that underscored his deep understanding of the bank’s legal landscape. Prior to this, Scholtz held titles such as Senior Vice President and General Counsel, Vice President and Deputy General Counsel, and Vice President and Associate General Counsel – Head of Litigation and Employment Law. His tenure reflects a steady ascent through the ranks, demonstrating his legal acumen and leadership capabilities.
Before joining CIBC, Scholtz honed his legal skills at prominent law firms, including Ogilvy Renault LLP (now Norton Rose Fulbright) from 1998 to 2006 and McCarthy Tétrault from 1991 to 1998. He is also an alumnus of the University of Ottawa, further solidifying his credentials in the legal field.
Scholtz’s appointment is part of a larger leadership transformation at CIBC. As the bank gears up for Culham’s tenure, several other executive roles are being realigned to ensure a smooth transition and align expertise with future goals. Among these changes, Christian Exshaw will become Senior Executive Vice President and Group Head, Capital Markets, while Kevin Li will assume the role of Senior Executive Vice President and Group Head, U.S. Region, also leading CIBC Bank USA as its President and CEO. Christina Kramer will take on the position of Senior Executive Vice President and Chief Administrative Officer, and Amy South will serve as Executive Vice President, Office of the CEO, and Chief of Staff.
These leadership changes also coincide with the retirement of two key figures: Shawn Beber, Senior Executive Vice President and Group Head, U.S. Region, who will step down on July 1, 2026, and Kikelomo Lawal, the current Executive Vice President and Chief Legal Officer, who is retiring to make way for Scholtz. Beber will, however, continue to advise the bank in a special advisory capacity starting November 1, 2025.
While several leadership roles are being redefined, some positions will remain unchanged to ensure continuity. Frank Guse will continue as Chief Risk Officer, and Robert Sedran will retain his role as Chief Financial Officer and Enterprise Strategy, maintaining stability during this transition period.
CIBC’s leadership reshuffle is part of a broader strategy to accelerate growth and maintain strong execution in a rapidly evolving financial services landscape. The appointment of Stephen Scholtz as Global Chief Legal Officer is a testament to the bank’s commitment to aligning its legal expertise with its strategic priorities, ensuring a cohesive and forward-looking approach to its global operations.
For more details on this appointment and the broader leadership changes at CIBC, visit here.
Stephen Scholtz’s Appointment and Its Implications for CIBC’s Future
Stephen Scholtz’s promotion to Global Chief Legal Officer is widely seen as a strategic move to strengthen CIBC’s legal framework amid a rapidly changing financial landscape. With nearly 20 years of experience at CIBC, Scholtz has developed a deep understanding of the bank’s legal and regulatory challenges. His expertise spans litigation, employment law, and strategic counsel, making him a pivotal figure in navigating the complexities of global banking regulations.
Scholtz’s appointment is part of a broader effort to align CIBC’s leadership with its strategic priorities. As the bank prepares for the arrival of new CEO Harry Culham on November 1, 2025, the reshuffling of top executives is designed to ensure a seamless transition and position CIBC for long-term success. Scholtz’s ability to provide strategic legal guidance will be critical as the bank pursues its client-focused initiatives and expands its global footprint.
The leadership changes at CIBC also reflect a commitment to maintaining continuity in key areas. While several senior roles are being realigned, positions such as Chief Risk Officer (Frank Guse) and Chief Financial Officer and Enterprise Strategy (Robert Sedran) will remain unchanged. This approach ensures stability during the transition period and allows the bank to leverage the expertise of its seasoned executives.
The retirement of Kikelomo Lawal, the current Executive Vice President and Chief Legal Officer, has created an opportunity for Scholtz to step into a role that aligns with his extensive experience. Similarly, Shawn Beber, Senior Executive Vice President and Group Head, U.S. Region, will retire on July 1, 2026, but will continue to contribute to the bank as a special advisor starting November 1, 2025. These transitions underscore CIBC’s focus on succession planning and ensuring a smooth handover of responsibilities.
As CIBC navigates the evolving financial services landscape, the appointment of Stephen Scholtz as Global Chief Legal Officer is a testament to the bank’s commitment to aligning its legal expertise with its strategic priorities. His deep understanding of the legal and regulatory environment, combined with his leadership experience, positions him to play a key role in shaping CIBC’s future.
For more details on this appointment and the broader leadership changes at CIBC, visit here.
Conclusion
Stephen Scholtz’s appointment as Global Chief Legal Officer represents a significant step in CIBC’s strategy to navigate the complexities of the modern financial landscape. With his extensive experience and deep understanding of legal and regulatory challenges, Scholtz is well-positioned to provide strategic guidance as CIBC pursues its client-focused initiatives and global expansion. The leadership transitions, including the retirement of Kikelomo Lawal and Shawn Beber, underscore the bank’s commitment to succession planning and maintaining stability during this period of change.
As CIBC prepares for the arrival of new CEO Harry Culham, the alignment of its leadership team with strategic priorities signals a focused approach to long-term success. Scholtz’s expertise will be instrumental in ensuring that the bank remains compliant with evolving regulations while supporting its business objectives. This strategic move highlights CIBC’s dedication to building a robust legal framework and maintaining continuity in key leadership roles.
In conclusion, Stephen Scholtz’s appointment is a testament to CIBC’s forward-thinking approach to leadership and legal strategy. His contributions will be pivotal in shaping the bank’s future and ensuring its continued success in an increasingly competitive and regulated industry.
Frequently Asked Questions
Who is Stephen Scholtz?
Stephen Scholtz is a seasoned legal expert with nearly 20 years of experience at CIBC. He has been appointed as the new Global Chief Legal Officer, bringing his deep understanding of litigation, employment law, and strategic counsel to the role.
Why was Stephen Scholtz appointed as Global Chief Legal Officer?
Scholtz’s appointment is part of CIBC’s strategy to strengthen its legal framework amid a rapidly changing financial landscape. His expertise aligns with the bank’s strategic priorities and prepares it for future challenges and opportunities.
How does Scholtz’s appointment impact CIBC’s future?
Scholtz’s leadership will provide critical legal guidance as CIBC focuses on client-centric initiatives and global expansion. His role will be instrumental in navigating regulatory complexities and supporting the bank’s strategic objectives.
What other leadership changes are happening at CIBC?
In addition to Scholtz’s appointment, CIBC is undergoing several leadership transitions, including the retirement of Kikelomo Lawal and Shawn Beber. Key roles such as Chief Risk Officer and Chief Financial Officer will remain unchanged to ensure stability during the transition period.
Why is CIBC focusing on leadership transitions now?
CIBC is preparing for the arrival of its new CEO, Harry Culham, on November 1, 2025. The leadership changes are designed to ensure a seamless transition, align the team with strategic priorities, and position the bank for long-term success.
