Former power exec Hay joins CIBC investment bank

* David Hay stepped down from New Brunswick Power in Jan

* Former Merrill Lynch banker to focus on big clients

TORONTO, Aug 19 (BestGrowthStock) – Canadian Imperial Bank of
Commerce (CM.TO: ) has hired former power executive David Hay as
vice chairman of investment banking.

Hay, a former Merrill Lynch investment banker who spent the
last six years as chief executive of New Brunswick Power, will
be tasked with strengthening relationships with big clients,
the bank said in a statement on Thursday.

“If you look at my CV, you see there’s a lot of industrial
and particularly utility work there, and so that will be a
large part of the focus and as we go forward we’ll figure out
what else will fit in,” Hay told Reuters.

Hay stepped down from government-owned New Brunswick Power
in January in the midst of a controversial deal to sell power
generating assets to Hydro-Quebec, which is one of North
America’s biggest power utilities.

The C$3.2 billion ($3.1 billion) deal was eventually
scrapped.

Hay will begin his new job on Sept. 7.

($1=$1.04 Canadian)
(Reporting by Cameron French)

Former power exec Hay joins CIBC investment bank