CIBC names Ross head of high yield sales, Cornet head of research

St. Louis, Dec. 23 - CIBC World Markets Corp. announced Monday several changes in its Global High-Yield Department and named Jane Ross head of sales and officially announced Jacques Cornet as head of high yield research.

Ross, a managing director, has been a high-yield sales professional for 12 years and joined CIBC World Markets' predecessor firm, Argosy Securities, as a senior salesperson in 1993. She began her career in high yield with Bear Stearns & Co. Ross has a bachelor's degree from Stanford University and a masters in business administration from Columbia University.

Cornet, a managing director and high yield research analyst covering gaming, lodging and leisure, has been named head of global high yield research, responsible for the institution's research department, which covers more than 15 industry groups and 300 companies.

Cornet has more than 15 years of experience in the financial markets, including nearly a decade as a high-yield analyst. He will retain responsibility for high-yield research coverage of the gaming, lodging and leisure industries. Prior to his tenure in high yield, Cornet spent six years with Arthur Anderson, primarily in its corporate finance consulting practice. He graduated with a B.S. in accounting from The American University and has a masters in business administration from New York University.

Cornet and Ross will report to Walter McLallen, head of high-yield distribution at the company, the U.S. investment-banking subsidiary of the Canadian Imperial Bank of Commerce.

CIBC also appointed two new high-yield analysts: Susannah Gray will serve as a managing director and head of high-yield healthcare and business services research, and Philip Volpicelli, an executive director, will be responsible for high-yield research coverage of the industrial growth sector.

Gray joins CIBC World Markets from Merrill Lynch's fixed-income department, where she covered the healthcare and industrial services sectors. She began her career in financial services at Chase Securities, where she worked as both a high-yield analyst and banker. She graduated cum laude with a bachelor of arts from Wesleyan University and has a masters in business administration from Columbia University.

Volpicelli joins the research department in New York from CIBC World Markets' London office, where he spent the past three years as the senior European industrial and consumer products analyst, covering the chemicals, consumer products, gaming and packaging sectors. Prior to joining CIBC World Markets in June 1999, he worked for BT Alex. Brown in New York, where he covered the transportation, aerospace and defense sectors. He has a bachelor of science degree from Lehigh University and a masters in business administration from New York University's Stern School of Business.

In other recent changes within the high-yield department Frank Benevento, an executive director, has moved from capital markets to sales. For the past three years, he ran CIBC World Markets' European high-yield capital markets group, based in London. Previously, he was a senior member of the high-yield capital markets group in New York. Benevento has a background in investment banking with the Argosy Group and is a graduate of Georgetown University.

Also, Alexis Gold has been given responsibility to provide leveraged finance research within the consumer growth practice for consumer products, retail/apparel, supermarket and theater issues. Gold, who has been with the firm for two years, was previously focused on the broadcast, outdoor and publishing sectors. Prior to joining CIBC World Markets, she was a corporate finance analyst at Chase Securities and Credit Suisse First Boston, where she focused on leveraged finance in various industries. Gold received her B.S. from Cornell University.

In November it emerged that CIBC's veteran head of high yield research Edward P. Mally had left and was replaced by Jacques Cornet.

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