National Bank announces changes to its Senior Management: Ricardo Pascoe to retire and his successors named in the Transformation Office

Montreal, March 26, 2019

Today, National Bank is announcing changes to its Senior Management team in the Office of the President. These changes are part of a rigorous succession planning and development process, and will take effect on August 31, 2019.

Following a successful 16-year career at National Bank, Ricardo Pascoe, Chief Transformation Officer and Executive Vice-President, has announced his intention to retire. Mr. Pascoe joined National Bank in 2003 as Senior Vice-President, Treasury and Financial Markets, and was appointed Executive Vice-President, Financial Markets in 2008. Under his leadership, this sector recorded strong growth in its activities, positioning it as a Canadian leader in various fields of expertise. Mr. Pascoe became Chief Transformation Officer in June 2016 and has contributed significantly to the increased pace of the cultural and business transformation at the Bank.

Before joining National Bank, Mr. Pascoe held various strategic executive positions in London and New York with international financial institutions. He was recognized as one of the 10 Most Influential Hispanic Canadians in 2015, and has contributed actively to the professional advancement of women in the financial sector.

To ensure the Bank’s ongoing transformation, Louis Vachon, President and Chief Executive Officer of National Bank, is announcing that the transformation mandate will be taken on jointly by Laurent Ferreira and Denis Girouard, Co-Heads and Executive Vice-Presidents, Financial Markets, who will also maintain their current responsibilities.

“Ricardo has had an exceptional career with National Bank. His vision, ability to achieve ambitious goals, and strong sense of innovation have been major assets for the Bank. Thanks to his work and leadership over the years, the Bank now has a world-class Financial Markets sector and a transforming practice that is being extended to all sectors. His colleagues Laurent Ferreira and Denis Girouard, with whom Ricardo has worked closely over the years, will succeed him brilliantly. They will continue to focus on the Bank’s digital transformation and cultural shift, in a context where teamwork and people are central. The objectives of our transformation remain the same; to provide a superior client experience, as well as healthy revenue growth and improved operational efficiency for the benefit of all our stakeholders,” said Louis Vachon.

Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

About National Bank of Canada
With $263 billion in assets as at January 31, 2019, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups.  It has more than 23,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity.  Its securities are listed on the Toronto Stock Exchange (TSX: NA).  Follow the Bank’s activities at or via social media such as Facebook, LinkedIn and Twitter.


Claude Breton
Vice-President, Public Affairs and Corporate Social Responsibility
National Bank of Canada