scotiabank ceo succession

Scotiabank has emphasized that his time on the board Mr. Regent called Mr. Thomson one of our top directors gives him an in-depth understanding of how the bank works. Even more rarely do they elect a director from their own board of directors. While the broad strategy is likely to stay intact, we believe the new CEO will look to improve the bank's execution, particularly with [Scotias] share price having materially underperformed its Big Six peer group over the past five-year period, stated Mike Rizvanovic, an analyst at Keefe, Bruyette & Woods, in a note to clients Monday that also called Thomsons selection a surprise leadership change.. Local headlines and stories are HeadTopics.com immediately. Mr. Thomson is currently President and CEO of Finning International Inc. and has been a member of the Scotiabank Board since 2016. He told me about a month ago that it looked like Scotiabank might make him an offer, and would we be willing to adjust his departure date a little bit. Get email updates from your favourite authors. Some of Mr. Porters capital decisions were also brilliant. It is even less common for them to choose a director from their own board. Could he use that to apply as a potential candidate? Moreover, the Canadian Banking business has been re-energized, profitably growing market share in key product segments. The industry leader for online information for tax, accounting and finance professionals. He must of really impressed in those board meetings. He added that this is part of the overall risk in choosing Mr. Thomson. When Mr. Thomson starts on January 31, Mr. Porter will have headed the bank for more than nine years. Inside Scotiabank's succession saga that stunned Canada's corporate elite James Bradshaw Institutional Investing Reporter Published September 30, 2022 This article was published more than 6. Sept. 26, 2022 at 7:48 a.m. So many executives were turned away for who knows what reason, and others seemed to be going alone out of utter frustration. But Mr. Thomson is being hailed as a totally atypical choice largely because he has not been a banker for the past two decades. Scotiabank's succession spectacle Scotiabank's board of directors has appointed a new CEO to replace Brian Porter, who retires next January. Bloomberg News Kevin Orland Published Sep 26, 2022 Last updated Sep 26, 2022 3 minute read Head Topics, publish breaking news of all around the world. That said, with Mr. Thomsons involvement in the board (and several committees), we do not expect the transition to be jarring., The analyst added that Thomsons experience in Latin America, where Scotia has substantial operations, is a positive and was likely a component that attracted the search committee.. If you don't see it, please check your junk folder. If the internal slate of candidates was too thin or inexperienced for the boards liking, thats their own fault. While Porter helped to reshape Scotia, the bank has underperformed in the market during his reign. Create an account or sign in to continue with your reading experience. Subscribe now to read the latest news in your city and across Canada. Instead, the June pitches appear to have been a trigger point in an abrupt change of direction that shifted Mr. Thomson from one of the most influential voices in choosing the next CEO into a top candidate for the job himself and eventually the winner. Executive Management Executive Management Scott Thomson President and Chief Executive Officer View Details Francisco Aristeguieta Group Head, International Banking View Details Nicole Frew Executive Vice President and Chief Compliance Officer View Details Glen Gowland Group Head, Global Wealth Management View Details Jake Lawrence But as time went on, investors became more confused as to what exactly Scotiabank was up to. But it still doesnt explain why Mr. Thomson was even considered. Mr. Thomson's career has spanned a wide variety of industries including financial services, telecom, natural resources, and industrial services internationally, providing a strong perspective on opportunities and challenges for the Bank's diverse customer base. The Bank of Nova Scotia announced Monday that Brian Porter, its president and chief executive officer, is retiring next year and the choice for his successor caught Bay Street by surprise. He will be succeeded by Scott Thomson, who is currently the president and chief executive officer of Finning International Inc., and a member of Scotias board of directors. Canada Today - Jannah Theme by, Nylon 612 Market Size, Share, Growth [2022] | Demand, Key Players, Latest Developments, Major Suppliers, Market Drivers, Opportunities, Sales, Revenue, Price, The Treasury is short on cash and is selling one-day notes for the first time since 2007, Homeowners are now better positioned to weather a downturn than they were a decade ago, the report argues, The Air Force colonel backs down from his warning that AI could go rogue and kill their human operators, A guide to free, ad-supported streaming services in Canada to cut your monthly bills. During his tenure, the banks share price and other financial metrics underperformed those of its peers, and high staff turnover and a change in bank culture may have contributed to this. Scotiabank chief executive Brian Porter will retire in January 2023. The clumsy board. In April, Kevin Parkes who will succeed Mr. Thomson as Finnings CEO in mid-November returned from an absence for health reasons and was appointed the companys chief operating officer, putting him squarely in line for Finnings top job. A year later, Mr. Sullivan was appointed chief executive of IGM Financial, the Desmarais-owned parent company of IG Wealth Management and Mackenzie Investments. Save BIG this Spring! Maybe hes just what the bank needs. During my six years on Scotiabanks board, I have had the opportunity to see first-hand the incredible potential of this organization, and the dedication and skill of its people.. Last month several brokerages aggressively downgraded the largest Canadian bank as profits at its international banking segment fell below estimates and risks rose from modest net interest margin expectations. Porters departure from Scotia as he enters his tenth year in the top job was not seen as a surprise, given the length of his tenure. Brian Porter, who was officially named Friday to succeed Rick Waugh as chief executive of the Bank of Nova Scotia, promised there will be "no seismic shifts" in strategy when he takes the helm of Canada's third-largest bank on November 1. The first indication that Mr Thomson was considering stepping down came about a year ago at a private meeting with the companys chief executive officer, Hal Kvisle. And I said of course we would, Mr Kvisle said on Monday. Globe and Mail That late shift has raised awkward questions about the accelerated process that chose Mr. Thomson over the summer. Earlier in his career, he worked at Bell Canada Enterprises and Goldman Sachs. Copyright 2023, All Rights Reserved | Who's to blame for Scotiabank's CEO succession mess? They felt it was an acceptable level of risk. LNG Canada CEO says case for doubling export capacity 'very strong'Liquefied natural gas export terminal in Kitimat B.C. Pedestrians walking past the Bank of Nova Scotia building in the financial district of Toronto. Employees who are impressed by what they see will try to imitate it. Mr. The perfect opportunity to consider other types of change. As a director and co-chair of the banks succession planning process, Scott Thomson listened from across the board table. He isnt a stranger to the finance industry, having served as a vice-president at Goldman Sachs earlier in his career. Good managers breed good managers. I am confident that Scott Thomson will guide the Bank through the next phase of its growth and development. An internal company presentation obtained by The Globe at the time described Scotiabanks culture as overly collegial. Those included whether the board and outgoing CEO Brian Porter failed in their duty to identify and prepare suitable candidates from within the banks management, or to land a leader with sufficient external banking experience. The selection of Scott Thomson to become Scotiabank's new CEO has raised eyebrows over the decision not to hire one of the bank's top candidates after a three-year process. The bank says he will be replaced by Scott Thomson, currently president and chief executive of heavy equipment. ET By Glenn Johnson The Bank of Nova Scotia said President and Chief Executive Officer Brian Porter will retire on Jan. 31. This is day one in ours [directors education program]: The board will never know as much as management, said Mr. In that calendar year, the bank first announced it was buying Jarislowsky Fraser for $950 million; it later acquired MD Financial Management for $2.59 billion in cash, the bulk of which was financed in a share issuance. Scotiabank names Finning boss Scott Thomson as next CEO, Brian Porter retires in January The worst part? When Mr. Thomson starts on Jan. 31, Mr. Porter will have led the bank for more than nine years. Teams became less cooperative as staff chose sides, underperforming areas were not addressed as quickly for fear it might damage relationships, and even relationships between candidates and in their interactions with Mr. Porter became noisy one of the sources strained. ", "Brian's focused stewardship through challenging macroeconomic environments and through the global pandemic, has resulted in outstanding employee engagement, customer satisfaction and brand equity, leading the Bank to win multiple industry awards including Bank of the Year in Canadafor three consecutive years. But the result also underscores the privileged position that Mr Thomson held in the lengthy process of choosing Mr Porters successor and the potential that this could have given him an advantage. On Thursday, company disclosures show, he bought nearly 29,900 shares in Scotiabank at a total cost of nearly $2-million. And that could affect the way the bank is perceived, and morale among employees. nalysts noted that there was significant executive turnover at Scotia during Porters tenure, with departures including. The Bank of Nova Scotia announced Monday that Brian Porter, its president and chief executive officer, is retiring next year and the choice for his successor caught Bay Street by surprise. Porter retiring as Scotiabanks CEO; Finning CEO Scott Thomson named successor - BNN BloombergThe Bank of Nova Scotia announced Monday that Brian Porter, its president and chief executive officer, is retiring next year. 2022-09-27 2:15:00 AM Who's to blame for Scotiabank's CEO succession mess? 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