Quebec FI had some tough times in 2023 but is positioning for a better 2024
Laurentian Bank has announced that three new independent directors have been appointed to its board of directors amid a drive to improve performance at the Quebec financial institution.
Last year was not the best for Laurentian with an IT outage that ultimately led to a change of senior leadership as both CEO and chair of the board of directors resigned, and a drop in year-end earnings.
Eyebrows were also raised when the bank announced a revamp of its strategic plan that had begun under former CEO Rania Llewellyn, with some investors concluding that a sale may be on the way.
However, keen to put these issues behind it under new president and CEO Eric Provost and chair of the board Michael Boychuk, the fresh intake of directors aims to bring new thinking and increase diversity of perspectives.
Effective February 7, 2023, the new independent directors are Prof. Johanne Brunet, Jamey Hubbs, and Paul Stinis.
Professor Brunet has a broad range of professional experience, as a professor of marketing at HEC Montreal, CPA Quebec member, and with degrees in business studies and business administration. Her specialisms include creativity in complex environments, global economies, and business planning and she also earned the University Certification in Corporate Governance designation from Laval University.
Jamey Hubbs is a retired vice-superintendent at OSFI and has also held leadership roles at HSBC Securities, National Bank of Canada, TD Securities, and Scotia Capital having begun his career as a trader at TD Bank Group in the eighties.
Paul Stinis is currently vice chair of the Board for Hydro Quebec, and his business career includes senior roles at BCE Inc., Bell Canada, and Bimcor. He was also chair at McGill University Pension Board and spent almost a decade at Scotiabank and TD Bank.
"We are delighted to welcome Prof. Brunet, Mr. Hubbs, and Mr. Stinis to the Bank's Board of Directors," stated Mr. Boychuk. "Their collective expertise in areas such as innovation, risk management, and corporate leadership will be excellent additions to the skillsets and depth of our Board. As we continue our focus on customer service excellence and consolidating our position as a strong Québec-based institution, their valuable contributions will undoubtedly play an instrumental role in Laurentian Bank's continued success."
