CIBC Innovation Banking has announced that Mark Usher is its new leader after the recent news that Mark McQueen is stepping down.
Usher has been named the president and executive managing director of CIBC Innovation Banking and senior vice-president of Innovation Banking. Usher will assume his new role on February 28.
Mark Usher was a partner at Wellington Financial alongside Mark McQueen.
McQueen first announced his departure on his personal blog on February 2.
Like McQueen, Usher joined CIBC with the acquisition of Wellington Financial in 2018. He has served as a key member of the leadership team and has been pivotal in building the Innovation Banking business.
Usher was a partner at Wellington Financial, while McQueen led the fund as its president and CEO.
According to CIBC, Usher brings more than 25 years of financial services and innovation economy experience to this role, including deep relationships with many of CIBC’s existing clients and industry stakeholders.
“Mark [Usher] has a proven track record and has established himself as a dedicated and client-focused leader who is well-positioned to continue to build our business in the innovation ecosystem on both sides of the border,” said Jon Hountalas, group head, Canadian banking, CIBC.
Usher said that he and McQueen are proud of the relationships they’d built together in the five years since CIBC and Wellington Financial came together. “Our entire team is committed to delivering for our clients as we move forward,” he added.
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 the statement announcing his departure 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.
The bank noted that McQueen helped build CIBC Innovation Banking from the ground up to 14 offices globally today.
McQueen didn’t say what his next endeavour might be. Instead, he wrote: “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.”