Bank of Nova Scotia chief executive officer Rick Waugh has been appointed as an independent director at TransCanada Corp. TRP-T, a rare move for the head of a Canadian bank.
Typically, board appointments work the other way, with the heads of Canada’s biggest corporations getting named to Big Six bank board positions. Before this appointment, it appears that the only board any of the bank CEOs sat on were for organizations such as non-profits and regulatory or governance bodies.
Mr. Waugh’s decision to join TransCanada’s board will only fuel speculation about his future with the bank. He was originally named Scotia’s BNS-T CEO back in 2003, and some people assume that his successor will be named in the near future.
Mr. Waugh assumed his new role at the start of the month. His other board positions include chairing Catalyst Canada’s advisory board, a board seat on MS Society of Canada's Multiple Sclerosis Scientific Research Foundation and a board seat at Toronto's St. Michael’s Hospital.
