Canadian financial services provider Bank of Nova Scotia or Scotiabank (BNS,BNS.TO) announced Friday that Chief Executive Officer Rick Waugh intends to retire, effective January 31, 2014. As part of a succession plan, the bank said President Brian Porter will take on the additional role of CEO, effective November 1, 2013.
Halifax, Canada-based Scotiabank said Waugh will remain a director of the board and assume the role of deputy chairman of the bank until he retires on January 31, 2014.
"Rick Waugh has guided Scotiabank through a period of tremendous growth, generating exceptional returns for shareholders and employees during some very turbulent times. His focus on customers, diversification, emerging markets and risk management along with his strong values, has shaped the growth and direction of the Bank over the last ten years," Chairman John Mayberry said in a statement.
Waugh has been at the helm of Scotiabank for the past decade and is a 43-year veteran of the bank.
Waugh began his career with Scotiabank in 1970 as a branch employee and has over the years served in the Bank's treasury, corporate, international and retail banking areas. In 1985, he moved to New York as the most senior executive in the U.S.
Waugh returned to Toronto in 1993, and was appointed vice chairman of corporate banking in 1995, and vice chairman of international banking and wealth management in 1998. He was appointed president in January 2003 and became president and CEO later that year, serving in both roles until October 2012.
"I want to congratulate Brian Porter on his appointment to President and Chief Executive Officer. He has had an exceptional career at Scotiabank. Brian and the management team bring the right experience, values and culture to ensure our Bank's continued success," Waugh stated.
Porter has a tremendous range of experience across the banks operations, including being in the critical role of chief risk officer from 2006 to 2008. He also served as group head of global risk management and treasury from 2008 to 2010, and most recently, as group head of international banking from 2010 to 2012, managing the banks operations in more than 55 countries outside of Canada.
Porter was appointed president in November 2012, and was elected to the Scotiabank board of directors in April 2013.. Porter is again a 32-year veteran of Scotiabank. He joined the company in 1981 and has progressed through a series of increasingly senior management positions across the bank, including being deputy chairman of global banking and markets.
In Friday's regular trading session, BNS is currently trading at $56.99, down $0.51 or 0.89% on a volume of 73,386 shares. On the Toronto Stock Exchange, BNS.TO is trading at C$59.02, down C$0.21 or 0.35% on a volume of 0.18 million shares.
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