CIBC Innovation Banking appointed Paul McKinlay and Patrick Martin as executive managing directors and co-heads, effective Nov. 1, 2024, as Mark Usher retires from his position as president and executive managing director.
Usher 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.
Usher is succeeded by McKinlay and Martin. McKinlay was previously vice-president and head of U.S. 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, McKinlay has led the U.S. markets operation, with a team of 35 bankers across 10 offices, partnering with technology entrepreneurs, CFOs, VCs and growth equity investors across the United States.
Martin 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 U.S., 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 U.S. West Coast venture banking, Paul Gibson becomes managing director and head of U.S. East Coast venture banking and Andrew Phillips becomes managing director and head of sponsor finance.
“In the past six years we have built a scaled, multi-billion-dollar platform serving technology companies and their investors,” McKinlay said. “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.”
“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,” Martin said. “I look forward to working alongside Paul and building on Mark’s legacy as we continue to support continued growth in the innovation economy.”
“At CIBC Innovation Banking, we have always supported the path of our clients,” Usher said. “Since the acquisition of Wellington Financial in 2018, I am very proud of the fact that we have substantially grown the business from a $300 million fund to over $11 billion 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.”
