Paul McKinlay and Patrick Martin each appointed Executive Managing Director and

Co-Head as Mark Usher retires after 30 years in the innovation economy

CIBC Innovation Banking has appointed Paul McKinlay and Patrick Martin as Executive Managing Directors and Co-Heads, effective November 1, 2024, as Mark Usher retires from his position as President and Executive Managing Director.

CIBC Innovation Banking has become an established lender in the innovation economy in North America. Mark joined CIBC with the acquisition of Wellington Financial in 2018 and has served as a key member of the leadership team, with a pivotal role in building the Innovation Banking business. Over the past six years, CIBC Innovation Banking has deployed $10.8 billion in capital to more than 600 Venture Capital (VC) backed businesses.

Mark is succeeded by Paul McKinlay and Patrick Martin. Paul was previously Vice-President and Head of US Originations and joined CIBC with the acquisition of Wellington Financial, where he lived in the Bay Area building Wellington’s presence in Silicon Valley. For the past two years, Paul has led the US markets operation, with a team of 35 bankers across 10 offices, partnering with technology entrepreneurs, CFOs, VCs, and Growth Equity investors across the US.

Patrick has been at CIBC for more than 14 years and moved to the Innovation Banking team in 2021. In his role as Vice-President, Portfolio and Credit Solutions, he has been instrumental in the development of CIBC Innovation Banking’s vision and long-term strategies across the US, Canada and Europe.

The leadership changes come alongside a realignment of the CIBC Innovation Banking team designed to deepen its early and late-stage customer focus and enhance its product offerings across the entire lifecycle of its client base. Amy Olah becomes Managing Director and Head of Canadian and US West Coast Venture Banking, Paul Gibson becomes Managing Director and Head of US East Coast Venture Banking, and Andrew Phillips becomes Managing Director and Head of Sponsor Finance.

Paul McKinlay, Executive Managing Director and Co-Head said: “In the past six years we have built a scaled, multi-billion dollar platform serving technology companies and their investors. We have an incredible team of real domain experts who carry the tools and expertise to serve companies at really any stage of their lifecycle. Through Mark’s leadership we have all the ingredients to grow our market position in the venture and technology banking landscape and I’m very excited to work with Patrick and the whole team in doing exactly that.”

Patrick Martin, Executive Managing Director and Co-Head said: “Since 2018, CIBC Innovation Banking has created a platform for venture, allowing entrepreneurs and their VC investors to access the fuel they need to grow. I look forward to working alongside Paul and building on Mark’s legacy as we continue to support continued growth in the innovation economy.”

Mark Usher, retiring President and Executive Managing Director said: “At CIBC Innovation Banking we have always supported the path of our clients. Since the acquisition of Wellington Financial in 2018, I am very proud of the fact that we have substantially grown the business from a $300M fund to over $11B in funds managed, and played a growing role in innovation ecosystems across North America, the United Kingdom and Europe. I am excited to see Paul and Patrick bring new energy to the business as CIBC Innovation Banking continues its growth journey.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, San Francisco, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

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