TORONTO, May 31, 2013 /CNW/ - Scotiabank Chief Executive Officer Rick
Waugh today announced his intention to retire as CEO effective November
1, 2013 after 10 years in the role and 43 years with the Bank. He will
remain a Director of the Board and assume the role of Deputy Chairman
of the Bank until January 31, 2014.
The Board of Directors has appointed Brian Porter to the role of
President and Chief Executive Officer effective November 1, 2013.
Brian was appointed to the role of President on November 1, 2012, and
just prior to that was Group Head, International Banking, overseeing
all of the Bank's personal, small business and commercial banking
operations in more than 55 countries outside of Canada. Brian was also
Scotiabank's Group Head of Global Risk Management and Treasury. He
joined Scotiabank in 1981, and has held a variety of other management
positions, including Deputy Chairman of Global Banking and Markets.
"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,"
said John Mayberry, Chairman of the Board.
The Board expressed its confidence in Brian Porter appointing him
President in November 2012. Mayberry added, "We are pleased to take
the next step in succession today by confirming him in the role of
President and CEO effective November 1, 2013. Brian has a tremendous
range of experience across the Bank, including the critical role of
Chief Risk Officer. The Board is confident in Brian's ability to
continue to produce strong results and build on the straightforward and
proven business model that has worked so well for customers,
shareholders and employees."
"I want to congratulate Brian Porter on his appointment to President and
Chief Executive Officer," said Rick Waugh, CEO, Scotiabank. "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
"It is a distinct privilege to have been entrusted with the role of
President and Chief Executive Officer, and I would like to thank the
Board of Directors and Rick Waugh for their confidence in my ability to
continue to deliver superior, consistent and predictable results for
all of our stakeholders," said Brian Porter, President, Scotiabank.
Scotiabank is a leading multinational financial services provider and
Canada's most international bank. With more than 83,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication.
With assets of $754 billion (as at April 30, 2013), Scotiabank trades
on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.
Image with caption: "Scotiabank's CEO Rick Waugh (L) and President Brian Porter ( R) announce November 1, 2013 as date of transition. (CNW Group/Scotiabank)". Image available at: http://photos.newswire.ca/images/download/20130531_C3934_PHOTO_EN_27342.jpg
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