Scotiabank announced CEO Brian Porter is retiring and named Scott Thomson as his replacement, effective January 31, 2023.
Thomson is currently President and CEO of Finning International and has been a member of the Scotiabank Board since 2016. Thomson will initially serve as President, effective December 1, 2022, while Porter will become his strategic advisor until April 30, 2023.
“I leave the Bank with the same sense of optimism that marked the start of my time in this role,” Porter said in a news release.
The surprising move happens when the banking sector is struggling with market turmoil and rising interest rates.
“During his tenure as CEO, the Global Wealth Management business more than doubled in size, now ranking #2 by assets in the Canadian retail mutual fund industry,” said Aaron Regent, chair of the board for Scotiabank.
Thomson is retiring as President and CEO of Finning International effective November 15, 2022, after nine years leading the world’s largest dealer of Caterpillar equipment and engines across diverse industries in the Americas and Europe.
Canada’s third-largest bank, Scotiabank reported third-quarter profit slightly below estimates last month.