After nearly 10 years as Scotiabank’s President and Chief Executive Officer, Brian Porter has announced he is retiring. Scott Thomson, currently CEO of Finning International Inc. and a member of Scotiabank’s Board of Directors since 2016, will take over.
“During this time, we've accomplished a lot,” Porter said in a video for Scotiabank’s 90,000 employees in which he announced his retirement and Thomson’s succession to the role. “We made the Bank more resilient. We've spent a lot of time and focus on digitizing the Bank and the customer experience, making it easier for our customers to do business with us and our employees to do their roles as well.”
Watch the full video here.
Transcript:
Brian Porter: Hello, everyone. Nearly 10 years ago, I assumed the role as President and shortly thereafter CEO of Scotiabank. It has been an honour to serve in this position and work closely with 90,000 Scotiabankers around the globe.
During this time, we've accomplished a lot. We made the Bank more resilient. We've spent a lot of time and focus on digitizing the Bank and the customer experience, making it easier for our customers to do business with us and our employees to do their roles as well.
The Bank today is much more focused geographically and operationally. We're focused on our customers, we're focused on our shareholders.
I've always believed that banking is a calling. Banks are a force of good in today's society. They can be very powerful contributors to the economic well-being of families, small businesses and communities at large. We're also a very important part of the social fabric in the communities where we live and work.
Today, Scotiabank is a very different bank – in many aspects – than it was 10 years ago.
I've shared with our Board my intention to retire as President and CEO in January 2023. After 40 years at the Bank, it's certainly time to hand it off to the next generation.
I'm very proud of our team.
The Board has unanimously chosen Scott Thomson, who is an existing Board member, to become President and Chief Executive Officer. He is a proven CEO, he is a great leader and he has experience across a wide variety of industries.
Scott, it's my pleasure to introduce you today, to welcome you to Scotiabank and wish you all the very best.
Scott Thomson: Thank you, Brian. I am extremely humbled and privileged to have been selected to help the Bank of Nova Scotia through its next phase. I have deep respect for the 190-year tradition of this iconic organization and all the great work that you and your team have done to transform the Bank.
I’ve had a bird's eye view on the transformation that you have executed. The investment in people, the investment in processes, the investment in technology. And the products that have transformed the customer experience and the employee experience, with the objective of delivering value to all stakeholders.
A lot of great work has been done, and we will in the next phase capitalize on that strong foundation and platform.
Brian Porter: I've had the good fortune of working with Scott as a Board member since 2016. As a Board and a management team we've accomplished a lot. So thank you for your support as a Board member. I know of your roles in the industry – that you have a deep understanding of risk and liquidity that will serve you exceedingly well in this role.
Scott Thomson: I'm excited to come back to the banking sector. This is where I started my career. It's a dynamic, ever-changing environment. And I know for the next phase it will be rewarding, exciting and challenging.
For the last 15 years, I’ve worked in global organizations with an international footprint, with a focus on the Americas. I know those markets well. And I am really encouraged by the outlook.
Personally, I am also very pleased to be joining an organization that has taken a holistic approach to ESG. As we think about the transition to a low carbon environment and the diversity, equity and inclusion imperative, having the foundation that the Bank of Nova Scotia has already invested in is extremely important. And I hope to shape an inclusive and sustainable culture going forward, with an investment not only in the Bank, but in the communities, the people and the customers that we deal with every single day.
Brian Porter: I look forward to working with you. You are going to start in your role as President on December 1 and assuming the role of CEO on February 1st, 2023. And we've got a great team in place. You know the leadership team exceedingly well. They are energetic, they are great and proven leaders that are here to work with you, deliver for our shareholders, the communities where we live and work, and our customers.
Scott Thomson: Well, thank you for that. I am very much looking forward to December 1st. Working with you and your team and also the 90,000 Scotiabankers. So together we’ve got a great opportunity in front of us. Thank you for introducing me and welcoming me to the organization. It's a distinct pleasure.
Brian Porter: Thank you, Scott.
Scott Thomson: Thank you.
Press Release announcing Brian Porter’s retirement and Scott Thomson’s appointment
Sept. 26,2022 - Scotiabank today announced Brian Porter's decision to retire as President and Chief Executive Officer, effective January 31, 2023. With this announcement, Scotiabank's Board of Directors has appointed Scott Thomson as CEO of Scotiabank, effective February 1, 2023. Mr. Thomson is currently President and CEO of Finning International Inc. and has been a member of the Scotiabank Board since 2016. Mr. Thomson will initially serve as President, effective December 1, 2022, with responsibility for the Bank's business lines: Canadian Banking, Global Banking and Markets, Global Wealth Management, and International Banking. To support the transition, Mr. Porter will become a Strategic Advisor to Mr. Thomson from February 1, 2023 to April 30, 2023.
"Brian Porter has been a forward-looking leader who has made bold, strategic decisions that have repositioned the Bank, while growing assets to $1.3 trillion from $744 billion. He refocused the Bank's geographic and business priorities and redeployed capital into businesses with greater growth opportunities, while exiting non-core markets," said Aaron Regent, Chair of the Board for Scotiabank. "During his tenure as CEO, the Global Wealth Management business has more than doubled in size, now ranking #2 by assets in the Canadian retail mutual fund industry; our International Banking business is now focused on fewer, larger markets that offer higher growth potential; and the Global Banking and Markets business, inclusive of the Bank's international wholesale business, has consistently been second largest by profitability among domestic peers. Moreover, the Canadian Banking business has been re-energized, profitably growing market share in key product segments. Throughout, Brian led the Bank's comprehensive digital transformation, creating efficiencies for shareholders and employees, and delivering a superior customer experience. These strategic investments have resulted in a well-diversified Bank that is strongly positioned for sustained future growth."
"Brian's focused stewardship through challenging macroeconomic environments and through the global pandemic, has resulted in outstanding employee engagement, customer satisfaction and brand equity, leading the Bank to win multiple industry awards including Bank of the Year in Canada for three consecutive years. As well, Scotiabank has been recognized for its leadership in Environmental, Social and Governance (ESG) and was named Best Bank in Canada for leadership in sustainable finance in 2022," continued Mr. Regent. "On behalf of the Board, I want to thank Brian for his tremendous contributions over his multi-decade career at the Bank, and most importantly, for his leadership as our CEO over the last nine years."
"I have always believed that banking is a calling and serving this enduring, 190-year-old institution as President and CEO has been the honour of my lifetime," said Brian Porter, President and CEO of Scotiabank. "I leave the Bank with the same sense of optimism that marked the start of my time in this role. I am confident that Scott Thomson will guide the Bank through the next phase of its growth and development. He is a results-driven and proven leader who executes with purpose and shares values that are aligned with those of the Bank. I have every confidence he will lead the Bank exceedingly well."
Mr. Thomson is retiring as President and CEO of Finning International Inc., 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. As CEO of Finning, Mr. Thomson led the company through challenging market conditions, yet significantly improved the business' earnings capacity and drove increased return on invested capital in all business units, particularly in Latin America. Mr. Thomson's career has spanned a wide variety of industries including financial services, telecom, natural resources, and industrial services internationally, providing a strong perspective on opportunities and challenges for the Bank's diverse customer base.
"The Board congratulates Scott Thomson on his appointment as Scotiabank's next CEO. Scott is an exceptional leader and a seasoned CEO with a history of delivering results across the Americas and in international markets through a strong focus on operational excellence, talent development, and digital transformation, and a proven track record in effective capital allocation and investments in strategic capabilities. He successfully led large organizations in challenging and complex macroeconomic environments, including providing tremendous leadership at Finning throughout the COVID-19 pandemic," said Mr. Regent. "Scott brings a strong commitment to accelerating the Bank's customer focus, digital capabilities, and ESG priorities. As a Board member of Scotiabank since 2016, Scott has a comprehensive understanding of the Bank's strategy, operations, management team, risk appetite, culture, and drivers of growth. The Board is confident that Scott is the right leader to build on the Bank's strengths and commitment to delivering for its customers, employees, shareholders and communities."
"Scotiabank has delivered strong performance and steady growth thanks to Brian's long-term vision and strategic investments in people, processes, technology and products. His contributions will continue to benefit the Bank for many years to come," said Scott Thomson, Incoming President and CEO of Scotiabank. "I am incredibly honoured and energized to be joining and leading the Bank's world-class leadership team. During my six years on Scotiabank's Board, I have had the opportunity to see first-hand the incredible potential of this organization, and the dedication and skill of its people. I share their commitment to building an inclusive and sustainable future for all the Bank's stakeholders at a time when our customers, shareholders and communities around the world need us most."