Toronto, ON, Canada - June 3, 2013, Toronto, ON, Canada - Scotiabank chief executive officer Rick Waugh announced his intention to retire as CEO, effective November 1, 2013 after 10 years in the role and 43 years with the bank.
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Mr. Waugh began his career with Scotiabank in Winnipeg in 1970 as a branch employee and, over the years, has 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.
Mr. Waugh returned to Toronto in 1993, and was appointed Vice Chairman, Corporate Banking, in 1995, and Vice Chairman, 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. He remains CEO and continues to serve on the Board of Directors of the Bank.
Outside the Bank, he is a member of the Canadian Council of Chief Executives. He is Vice Chair of the Board of the Institute of International Finance (IIF) and Past President of the International Monetary Conference (IMC). Rick is a member of the Council of the Americas, and is on the Chairman's International Advisory Council for the Americas Society.
He is Co Chair of the Canada-Brazil CEO Forum. He also serves on the Board of Directors for TransCanada Corporation and Catalyst Inc., and is Chair of the Catalyst Canada Advisory Board. In addition, he serves on the Advisory Council of the Schulich School of Business at York University, the Guanghua School of Management at Peking University and the Canadian Museum of Human Rights. 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.
Mr. Porter is President of Scotiabank, responsible for overseeing the Bank’s four business lines and their execution of the Bank’s strategy. He joined Scotiabank in 1981, and has progressed through a series of increasingly senior positions across the Bank, including executive roles with Global Banking & Markets, Global Risk Management, Group Treasury and International Banking.
Mr. Porter served as the Bank’s Chief Risk Officer from 2006 to 2008, as Group Head of Risk & Treasury from 2008 to 2010 and, most recently, as Group Head of International Banking from 2010 to 2012. He was appointed President in November 2012, and was elected to the Scotiabank Board of Directors in April 2013.
He served as Chairman of the Investment Dealers Association of Canada (IDA); currently, he is a Director of the Atlantic Salmon Federation and he is a member of the Faculty of Management Board of Advisors, Dalhousie University. ■