Scotiabank president Brian Porter to succeed Rick Waugh as CEO

TORONTO – Scotiabank says Rick Waugh will retire as chief executive on Nov. 1, after a decade in the role and 43 years with the bank.

The new CEO will be Brian Porter, who has been president of the bank since last November — a signal widely seen that he would be named Waugh’s successor.

Porter had been head of international banking for Scotiabank.

Waugh will remain a director of the bank and become deputy chairman until next January.

“I want to congratulate Brian Porter on his appointment to president and chief executive officer,” Waugh said in a statement Friday.

“Brian and the management team bring the right experience, values and culture to ensure our Bank’s continued success.”

Scotiabank is the second major Canadian bank this year to announce a changing of the guard at the top — although at a pace calculated to reassure investors and customers of an orderly transition.

TD Bank (TSX:TD) announced in April that its CEO, Ed Clark, will retire in November 2014.

Clark’s successor will be Bharat Masrani, 56, who has been instrumental in building TD’s personal and commercial banking presence in the United States.