Scotiabank CEO departing, internal transition set for Nov

Scotiabank has announced that CEO Rick Waugh will step down as of November, with current president Brian Porter set to assume dual president and CEO functions.

Scotiabank Chief Executive Rick Waugh will retire effective November 1, after 10 years in the role, the bank announced on Friday. Brian Porter, the bank’s current president, will take on both roles effective the same date.

"I want to congratulate Brian Porter on his appointment to President and Chief Executive Officer," said Waugh. "He has had an exceptional career at Scotiabank. Brian and the management team bring the right experience, values and culture to ensure our Bank's continued success."

Porter, who has been president since November 2012, was previously head of international banking and prior to tha, chief risk officer.

The planned internal transition is indicates that the bank will remain consistent in its strategy and operations. John Mayberry, chairman of the board, said “the board is confident in Brian's ability to continue to produce strong results and build on the straightforward and proven business model that has worked so well for customers, shareholders and employees."

Waugh will remain on Scotiabank's board of directors and will act as deputy chairman until end-January 2014.