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The Bank of Nova Scotia announced Monday that Brian Porter, its president and chief executive officer, is retiring next year — and the choice for his successor caught Bay Street by surprise. He will be succeeded by Scott Thomson, who is currently the president and chief executive officer of Finning International Inc., and a member of Scotia’s board of directors. He isn’t a stranger to the finance industry, having served as a vice-president at Goldman Sachs earlier in his career.
Thomson will initially move into Bank of Nova Scotia’s management ranks as president on Dec. 1. Shortly before Scotia’s announcement Monday, Finning announced Thomson’s pending exit, while naming Kevin Parkes, the Vancouver-based heavy equipment-dealer’s chief operating officer, as its next president and CEO.
Porter took the helm as Scotia’s president and chief executive on Nov. 1, 2013, after succeeding Rick Waugh, who led the bank through the global financial crisis. “While the broad strategy is likely to stay intact, we believe the new CEO will look to improve the bank's execution, particularly with [Scotia’s] share price having materially underperformed its Big Six peer group over the past five-year period,” stated Mike Rizvanovic, an analyst at Keefe, Bruyette & Woods, in a note to clients Monday that also called Thomson’s selection “a surprise leadership change.
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