The Toronto-based Global Risk Institute in Financial Services (GRI) has a new president and CEO Richard Nesbitt as of today, an appointment that follows Dr. Michel Maila’s decision to retire from those positions after three years’ service, officials say.
Until September of last year, Nesbitt was chief operating officer at Canadian bank CIBC until he retired from that position, officials say. “In this role, he was responsible for the global operations of wholesale banking, technology and operations, strategy and corporate development, CIBC’s international operations, including CIBC FirstCaribbean International Bank, and treasury,” GRI officials say. Nesbitt joined CIBC in 2008 following his more than 20 years of experience in the securities industry.
In addition, Nesbitt is an adjunct professor of the Rotman School of Management, University of Toronto. He is also the chair of the advisory board of the Mind Brain Behavior Hive, University of Toronto, officials say.
From 2004 to 2008, Nesbitt was CEO of TSX Group having joined TSX as president of TSX Markets in 2001, officials say. Prior to joining the company in 2001, Nesbitt served as president and COO of BayStreetDirect Inc., an Internet based investment dealer. Before that, Nesbitt was president and CEO of HSBC Securities Canada for three years, after having worked for 10 years at CIBC Wood Gundy. He has also worked with Mobil Oil Canada Ltd., for five years and spent two years as a lecturer at the University of Western Ontario, Richard Ivey School of Business.
“GRI has grown significantly since its inception four years ago. From our strong Canadian base we have the opportunity to build upon GRI’s accomplishments and to further our reach globally,” Nesbitt said in a prepared statement.
The GRI is a provider of applied, integrative research and education programs to help financial institutions, policy-makers and regulators better manage the balance between risk and opportunity, officials say. It was founded as a not-for-profit institute by the government of Canada, the province of Ontario, TD Group and Manulife in 2011. The organization has 27 member institutions from the financial services sector across Canada.
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