TORONTO, September 26, 2022 /PRNewswire/ — Scotiabank announced today Brian Porters Decision to retire as President and Chief Executive Officer effective January 31, 2023. With this announcement, the board of Scotiabank has appointed Scott Thompson as CEO of Scotiabank, effective February 1, 2023. Mr. Thomson is currently President and CEO of Finning International Inc. and has served on the Board of Directors of Scotiabank since 2016. Mr. Thomson will initially serve as President, effective December 1, 2022, with responsibility for the Bank’s businesses: 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 February 1, 2023 to April 30, 2023.
“Brian Porter was a forward-thinking leader who made bold, strategic decisions that repositioned the bank while growing wealth $1.3 trillion out $744 billion. He realigned the bank’s geographic and business priorities, investing capital in companies with greater growth opportunities while withdrawing from non-core markets,” said Aaron Regent, Chief Executive Officer of Scotiabank. Its size has more than doubled and is now number 2 by assets in Canada’s retail mutual fund industry; our international banking business is now focused on fewer, larger markets that offer greater potential for growth; and the Global Banking and Markets business, including the bank’s international wholesale business, has consistently been second-largest by profitability among domestic peers. In addition, the Canadian banking business was revived and market share in key product segments was profitably expanded. 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 sustainable future growth.”
“Brian’s purposeful leadership through challenging macroeconomic environments and during the global pandemic has resulted in outstanding employee engagement, customer satisfaction and brand equity, which has resulted in the bank winning multiple industry awards including Bank of the Year in Canada for three consecutive years. In addition, Scotiabank was recognized for its environmental, social and governance (ESG) leadership and named Best Bank Canada for his leadership in sustainable finance in 2022,” continued Mr. Regent. “On behalf of the Board, I would like to thank Brian for his tremendous contributions throughout his decade-long career at the bank and most importantly for his leadership as our CEO over the past nine years.”
“I’ve always believed that banking is a calling, and serving as President and CEO of this enduring 190-year-old institution has been the honor of my life,” he said Brian Porter, President and CEO of Scotiabank. “I am leaving the bank with the same optimism that shaped me when I started in this role. I am convinced of that Scott Thompson will guide the bank through the next phase of its growth and development. He is a results-oriented and proven leader who drives with purpose and shares values that align with those of the bank. I have every confidence that he will lead the bank extremely well.”
Mr. Thomson is retiring as President and CEO of Finning International Inc., effective November 15, 2022after nine years at the helm of the world’s largest dealer of Caterpillar equipment and engines in various industries in America and America Europe. As CEO of Finning, Mr. Thomson led the company through challenging market conditions but significantly improved the company’s profitability and delivered a higher return on invested capital across all businesses, particularly in Latin America. Mr. Thomson’s career has spanned a variety of industries, including financial services, telecommunications, natural resources and industrial services internationally, and has provided a strong view of opportunities and challenges for the Bank’s diverse client base.
“The board congratulates you Scott Thompson on his appointment as the next CEO of Scotiabank. Scott is an exceptional leader and seasoned CEO with a history of delivering results across America and international markets through a strong focus on operational excellence, talent development and digital transformation, as well as a proven track record of effective capital allocation and strategic investment skills. He has successfully led large organizations in challenging and complex macroeconomic environments, including his outstanding leadership in finning during the COVID-19 pandemic,” said Mr. Regent. “Scott brings a strong commitment to accelerating the bank’s client focus, digital capabilities and ESG priorities. As a director of Scotiabank since 2016, Scott has a thorough understanding of the bank’s strategy, operations, management team, risk appetite, culture and growth drivers. The Board believes Scott is the right leader to build on the bank’s strengths and commitment to deliver for its customers, employees, shareholders and communities.”
“Scotiabank has delivered strong performance and continued growth thanks to Brian’s long-term vision and strategic investments in people, processes, technology and products. His contributions will serve the bank for many years to come,” he said Scott Thompson, new President and CEO of Scotiabank. “I am incredibly honored and energized to join and lead the bank’s world-class leadership team. During my six years on the board of Scotiabank, I have had the opportunity to see firsthand the incredible potential of this organization and the dedication and skills of its people. I share their commitment to building an inclusive and sustainable future for all of the bank’s stakeholders at a time when our customers, shareholders and communities around the world need us most.”
About Scotia Bank
Scotiabank is a leading bank in America. Guided by our mission statement: “for every future”, we help our clients, their families and their communities, to thrive through a wide range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking to be , and capital markets. With a team of over 90,000 employees and approximately $1.3 trillion in assets as of July 31, 2022, Scotiabank is listed on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). traded. For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.
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