TORONTO, Sept. 26,
2022 /PRNewswire/ - Scotiabank today announced
Brian Porter's decision to retire as
President and Chief Executive Officer, effective January 31, 2023. With this announcement,
Scotiabank's Board of Directors has appointed Scott Thomson as CEO of Scotiabank, effective
February 1, 2023. Mr. Thomson is
currently President and CEO of Finning International Inc. and has
been a member of the Scotiabank Board since 2016. Mr. Thomson will
initially serve as President, effective December 1, 2022, with responsibility for the
Bank's business lines: Canadian Banking, Global Banking and
Markets, Global Wealth Management, and International Banking. To
support the transition, Mr. Porter will become a Strategic Advisor
to Mr. Thomson from February 1, 2023
to April 30, 2023.
"Brian Porter has been a
forward-looking leader who has made bold, strategic decisions that
have repositioned the Bank, while growing assets to $1.3 trillion from $744
billion. He refocused the Bank's geographic and business
priorities and redeployed capital into businesses with greater
growth opportunities, while exiting non-core markets," said Aaron
Regent, Chair of the Board for Scotiabank. "During his tenure as
CEO, the Global Wealth Management business has more than doubled in
size, now ranking #2 by assets in the Canadian retail mutual fund
industry; our International Banking business is now focused on
fewer, larger markets that offer higher growth potential; and the
Global Banking and Markets business, inclusive of the Bank's
international wholesale business, has consistently been second
largest by profitability among domestic peers. Moreover, the
Canadian Banking business has been re-energized, profitably growing
market share in key product segments. Throughout, Brian led the
Bank's comprehensive digital transformation, creating efficiencies
for shareholders and employees, and delivering a superior customer
experience. These strategic investments have resulted in a
well-diversified Bank that is strongly positioned for sustained
future growth."
"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 Canada for three consecutive years. As
well, Scotiabank has been recognized for its leadership in
Environmental, Social and Governance (ESG) and was named Best Bank
in Canada for leadership in
sustainable finance in 2022," continued Mr. Regent. "On behalf of
the Board, I want to thank Brian for his tremendous contributions
over his multi-decade career at the Bank, and most importantly, for
his leadership as our CEO over the last nine years."
"I have always believed that banking is a calling and serving
this enduring, 190-year-old institution as President and CEO has
been the honour of my lifetime," said Brian
Porter, President and CEO of Scotiabank. "I leave the Bank
with the same sense of optimism that marked the start of my time in
this role. I am confident that Scott
Thomson will guide the Bank through the next phase of its
growth and development. He is a results-driven and proven leader
who executes with purpose and shares values that are aligned with
those of the Bank. I have every confidence he will lead the Bank
exceedingly well."
Mr. Thomson is retiring as President and CEO of Finning
International Inc., effective November 15,
2022, after nine years leading the world's largest dealer of
Caterpillar equipment and engines across diverse industries in the
Americas and Europe. As CEO of
Finning, Mr. Thomson led the company through challenging market
conditions, yet significantly improved the business' earnings
capacity and drove increased return on invested capital in all
business units, particularly in Latin
America. 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 Board congratulates Scott
Thomson on his appointment as Scotiabank's next CEO. Scott
is an exceptional leader and a seasoned CEO with a history of
delivering results across the Americas and in international markets
through a strong focus on operational excellence, talent
development, and digital transformation, and a proven track record
in effective capital allocation and investments in strategic
capabilities. He successfully led large organizations in
challenging and complex macroeconomic environments, including
providing tremendous leadership at Finning throughout the COVID-19
pandemic," said Mr. Regent. "Scott brings
a strong commitment to accelerating the Bank's customer
focus, digital capabilities, and ESG priorities. As a Board
member of Scotiabank since 2016, Scott has a comprehensive
understanding of the Bank's strategy, operations, management team,
risk appetite, culture, and drivers of growth. The Board is
confident that Scott is the right leader to build on the Bank's
strengths and commitment to delivering for its customers,
employees, shareholders and communities."
"Scotiabank has delivered strong performance and steady growth
thanks to Brian's long-term vision and strategic investments in
people, processes, technology and products. His contributions
will continue to benefit the Bank for many years to come," said
Scott Thomson, Incoming President
and CEO of Scotiabank. "I am incredibly honoured and energized to
be joining and leading the Bank's world-class leadership team.
During my six years on Scotiabank's Board, I have had the
opportunity to see first-hand the incredible potential of this
organization, and the dedication and skill of its people. I share
their commitment to building an inclusive and sustainable future
for all the Bank's stakeholders at a time when our customers,
shareholders and communities around the world need us most."
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.3 trillion (as
at July 31, 2022), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For
more information, please
visit http://www.scotiabank.com and follow us on Twitter
@Scotiabank.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/scotiabank-announces-brian-j-porters-retirement-names-scott-thomson-as-president-and-chief-executive-officer-301632914.html
SOURCE Scotiabank