National Bank President and CEO Louis Vachon to retire; COO Laurent Ferreira to succeed him
Louis Vachon, President and Chief Executive Officer of National Bank of Canada, announced his intention to retire October 31, 2021, after nearly 15 years in the role. Concurrently, the Board of Directors announced that Laurent Ferreira, Chief Operating Officer, will succeed him as President and Chief Executive Officer, effective November 1, 2021, in accordance with the Bank’s succession plan.
"The Board would like to recognize Louis Vachon's exceptional contribution during his years at the helm of the Bank and thanks him for the strong legacy he leaves behind. Under his leadership, the Bank posted outstanding results and delivered an industry leading compound annual total shareholder return of 13% from June 1, 2007 to July 31, 2021. This was based on a differentiated strategic positioning, sustained growth in Canada and abroad, and a disciplined approach to risk and cost management. The Bank has made remarkable financial, technological and cultural progress during his tenure, to the benefit of all our stakeholders. Louis has helped build a strong, diversified and agile Bank, well-positioned to succeed over the long term. Appointed Member of the Order of Canada and Officer of the Ordre national du Québec, Louis has also set himself apart by his contribution to our society as a whole," said Jean Houde, Chair of the Board of Directors of National Bank.
"National Bank has become a systemically important bank in Canada and is playing an increasingly important role in driving economic and social development. It has been a privilege to lead the Bank and help write a chapter in its history. I wish to thank the members of the Board of Directors, the Office of the President and all our employees, clients and shareholders for their trust over the years," said Louis Vachon. "Helping the Bank develop a culture of agility has been one of my greatest sources of pride, enabling the organization to better adapt to change, capture opportunities and adjust to challenges as they arise."
"Over the course of his career, Laurent has demonstrated a decisive and unifying leadership approach, always quick to identify and seize growth opportunities. He has been central to the Bank's transformation and cultural shift, and he has played a key role in the success of our Financial Markets franchise. I'm confident that the Bank will continue to succeed under Laurent’s leadership. I look forward to working with him and the executive team to ensure a smooth transition," said Louis Vachon.
"An inspiring leader with a human touch, Laurent has a strong track record of strategic leadership with a deep understanding of the Bank. Laurent is also committed to the Bank's One Mission of having a positive impact on people's lives by building long-term relationships with our clients, our employees and the communities we serve and by putting people first. The Board has full confidence in Laurent and the executive team’s ability to lead the Bank's continued success," said Jean Houde.
"I'm truly honoured by the opportunity the Board of Directors has offered me, and I would like to thank Louis for his leadership and support," said Laurent Ferreira. "National Bank stands out for its performance, talent and culture, and I look forward to continuing to work with such a strong team. Our commitment to providing outstanding customer service and promoting an inclusive workplace among the most stimulating in the country, while seizing profitable growth opportunities and delivering strong returns for our shareholders, will remain unwavering."
- Photos and biographical notes for Mr. Vachon and Mr. Ferreira are available upon request.
- Related link: National Bank of Canada announces the appointment of Laurent Ferreira as Chief Operating Officer
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 in its name. 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 $351 billion in assets as at April 30, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 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 nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
|Linda Boulanger||Claude Breton
|Senior Vice-President – Investor Relations||Vice-President – Communications and
Corporate Social Responsibility
|National Bank of Canada||National Bank of Canada|
|Tel: 514-394-0296||Tel.: 514-394-8644|