Canadian Imperial's No.3 Executive Jill Denham Leaves (Update1)

April 11 (Bloomberg) -- Canadian Imperial Bank of Commerce's No. 3 executive and head of consumer banking, Jill Denham, left the Toronto-based lender to ``pursue other interests.''

Canadian Imperial spokesman Robert Waite declined to say in an interview today why Denham, 44, left her job as vice chairwoman of consumer banking at Canada's fifth-biggest bank. He said he didn't know whether she had a new job.

The executive's departure after 22 years at the bank is part of a management shuffle at Canadian Imperial as it strives to boost earnings from consumer banking. Chief Executive Officer John Hunkin decided two years ago to focus on consumer lending, which the bank considers less risky than corporate lending. At the end of last year, 72 percent of the bank's capital went to consumer banking, up from 50 percent in the third quarter of 2002.

Denham didn't immediately return telephone calls seeking comment.

``She's done a pretty good job, so it's a bit of a loss,'' First Associates Investments Inc. bank analyst Darko Mihelic said in an interview in Toronto.

Denham earned C$2.1 million ($1.7 million) last year in salary and bonus, according to regulatory filings.

Sonia Baxendale, 42, will replace Denham and become Senior Executive Vice President of Retail Markets, the bank said today in a statement sent by Canada NewsWire. Baxendale's consumer-banking unit also will be responsible for some areas of asset management, including private banking for wealthy clients.

Victor Dodig, 39, was hired from UBS Global Asset Management in Canada to replace Baxendale as head of the asset-management division. Both bankers report to Gerry McCaughey, who was promoted to president and chief operating officer in December.

Canadian Imperial lost about 20 bankers from its CIBC World Markets investment-banking unit last year when they left for Genuity Capital Markets, a start-up bank run by former CIBC World Markets CEO David Kassie.

Canadian Imperial shares rose 61 cents to C$73.76 at the 4 p.m. close of trading on the Toronto Stock Exchange. The shares have risen 2 percent this year.

To contact the reporter on this story: David Scanlan in Toronto at dscanlan@bloomberg.net.

To contact the editor responsible for this story: Erik Schatzker in New York at eschatzker@bloomberg.net