The bank announced Monday that he will be replaced by
Thomson has been a member of the Scotiabank board since 2016.
Barclays analyst
"That said, with Mr. Thomson’s involvement in the board (and several committees), we do not expect the transition to be jarring and the move leads us to believe that there should not be an immediate shift in Scotia’s strategy as
"Further, we believe that his experience in
Aiken noted that during Thomson's tenure, he "significantly improved" the company’s earnings capacity, driving increased return on invested capital, particularly in
Thomson will retire from Finning on
Thomson has an investment banking background and experience in telecom and the natural resource industry.
Porter joined Scotiabank in 1981 and became chief executive on
To aid in the transition, he will serve as a strategic adviser to Thomson from
During his time as Scotiabank's CEO, Porter presided over the sale of the bank’s
"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," Porter said in a statement attached to Scotiabank's announcement.
"I leave the bank with the same sense of optimism that marked the start of my time in this role. I am confident that
In a separate news release, Finning said
This report by
Companies in this story: (TSX:BNS)
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