Mark McQueen has gone public with plans to step away from his role as president and executive managing director of CIBC Innovation Banking.
In a statement, McQueen said: “With the fifth anniversary of CIBC’s acquisition of Wellington Financial now in the rear-view mirror, I’ve decided that it’s the appropriate time to chart my next adventure.”
“Our sector can always count on my support.”
– Mark McQueen
McQueen announced his departure today on his personal blog, which was known as a place for insightful reads on the investment market. McQueen hasn’t posted to this blog since Wellington was bought by CIBC.
When McQueen will be officially leaving CIBC, and who his successor might be, is unclear at this time. BetaKit has reached out to CIBC for comment on McQueen’s resignation.
McQueen has been leading CIBC Innovation Banking since the bank acquired Wellington Financial in 2018 to support the launch of its lending service for businesses. McQueen led Wellington Financial since its inception, and was tapped to lead CIBC Innovation Banking as Wellington was acquired.
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With McQueen at the helm, CIBC Innovation Banking became a predominant venture debt lender in Canada. Other institutions that later joined the Canadian ecosystem include Silicon Valley Bank and RBCx, which was created in 2021.
McQueen said in his statement that CIBC Innovation Banking committed more than $10 billion in new financing to North American and European entrepreneurs, generating over a billion dollars of “incremental value” for CIBC shareholders.
CIBC Innovation Banking’s portfolio includes a string of notable tech companies in Canada, including the likes of Hootsuite, Lightspeed, Q4 Inc., Assent, Lifespeak, and Benevity.
As for what’s next for McQueen, he said in his statement: “Whether my next adventure is another entrepreneurial mission, a corporate role, or something more public service-oriented, our sector can always count on my support.”
“Mark is a legend,” said ScaleUP Ventures partner Matt Roberts. “What he built at Wellington and then within CIBC will continue to thrive. Throughout his career he has provided temperate, honest feedback and help to the Canadian tech ecosystem. I hope he’ll be able to continue to do that in whatever role he chooses to take on next.”
With files from Meagan Simpson.