Bank of Nova Scotia BNS-T chief executive officer Scott Thomson has launched the lender’s most significant leadership shakeup since he took over the top job in February.
The bank announced Thursday it has hired two senior executives from other financial institutions – one of which is a Canadian rival bank – and introduced a suite of internal shifts and promotions. The changes are happening ahead of a strategic overhaul the bank is widely expected to launch before the end of the year.
One of the hires is Aris Bogdaneris, formerly the head of retail banking at Amsterdam-based ING Group. He will assume a newly created role as group head of digital transformation, Tangerine, and marketing and analytics. For more than 25 years, he has worked at financial institutions across Europe and North America, overseeing multi-country operations and global divisions.
ING previously owned Tangerine, then known as ING Direct Canada, before Scotiabank bought the low-cost online bank in 2012. Tangerine is the sixth-largest personal deposit bank in Canada, with $47-billion in deposits, $6.1-billion in assets under management and more than two million customers.
Scotiabank has been focused on building its deposit base, which will help it lend more money. Tangerine generated double-digit revenue and profit growth year-over-year in the recent third quarter, Mr. Thomson said during a conference call with analysts on Tuesday, when Scotiabank released its latest financial results.
In a statement on Thursday, Mr. Thomson called Tangerine “an integral part of our future growth plans” and said Mr. Bogdaneris has “extensive digital banking experience.”
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The second new senior executive is Jenny Poulos, formerly an executive at Royal Bank of Canada, who will join the lender on Oct. 2 as deputy chief human resources officer. She has more than 34 years of experience in human resources and financial services, and most recently worked as the senior vice-president of talent services at RBC. She will be promoted to chief human resources officer on Dec. 4, Scotiabank said. In that role, she will replace group head and chief human resources officer Barb Mason, who is retiring after more than 40 years with the bank.
“Thanks to Barb’s efforts, our bank is consistently recognized as a top employer globally for a leading employee value proposition that is anchored in culture, employee wellbeing, and a commitment to diversity, equity and inclusion,” Mr. Thomson said in a statement.
Ms. Poulos is the second executive Mr. Thomson has hired from Scotiabank’s largest competitor, Royal Bank of Canada. RY-T In July, the bank said Jacqui Allard, RBC’s executive vice-president of personal financing products, will join Scotiabank in September as deputy head of global wealth management. She will succeed Glen Gowland as group head of global wealth management on Jan. 1 when he transitions to an advisory role as vice-chair.
Scotiabank is also promoting chief risk officer Phil Thomas, after about two years in the job, to the role of group head and chief risk officer. In 26 years with the bank, he has also held senior leadership roles in retail banking, digital channels and contact centres.
The bank has made a few other leadership changes across its businesses in recent months. In April, it brought on Francisco Aristeguieta – previously executive vice-president and CEO of Boston-based bank State Street Corp.’s institutional services unit – to lead its renewed focus on Latin America. Scotiabank’s head of international banking, Ignacio (Nacho) Deschamps, who was widely considered a candidate for the chief executive position before Mr. Thomson was appointed, left the bank after about seven years.
In June, Scotiabank appointed Sumit Malhotra, who was the lender’s chief financial officer for Canadian banking, to the position of senior vice-president of real estate and secured lending, replacing long-time executive John Webster, who retired.
In addition to Scotiabank’s latest external hires, the lender has also shifted and expanded the roles of four executives.
Chief auditor Paul Baroni will become executive vice-president of finance and chief financial officer for Canadian banking, the role vacated by Mr. Malhotra.
Maria Theofilaktidis, currently executive vice-president of finance, is taking on Mr. Baroni’s role as chief auditor.
Anique Asher’s role as executive vice-president of finance and strategy has been expanded to include capital management.
Senior executive Chris Manning has been promoted to executive vice-president of global business payments.
“I am proud of the calibre of talent we have at our senior leadership table,” Mr. Thomson said in his statement. “These appointments will bring deep domain expertise and new perspective together with the strength of our current leaders who have enabled the success of our bank for many years.”
Stefanie Marotta