By Glenn Johnson
The Bank of Nova Scotia said President and Chief Executive Officer Brian Porter will retire on Jan. 31.
Mr. Porter will be succeeded by Scott Thomson, who has been on the bank's board since 2016 and is the president and CEO of Finning International Inc., Scotiabank said.
Mr. Thomson will initially serve as Scotiabank president starting Dec. 1, with responsibility for Canadian and international banking and global wealth management. Mr. Porter will become a strategic adviser to Mr. Thomson during the transition until April 30, Scotiabank said.
Finning International said Monday that Kevin Parkes would succeed Mr. Thomson as CEO when Mr. Thomson leaves the Surrey, British Columbia Caterpillar dealer on Nov. 15.
Mr. Thomson led Finning International for the last nine years. Mr. Porter joined Scotiabank in 1981 and became CEO in November 2013.
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(END) Dow Jones Newswires