time-retirement

ATB Financial president and CEO Dave Mowat is retiring at the end of June after 11 years as head of the Alberta Crown corporation.

The bank says it is starting a search for a replacement and will announce Mowat’s successor in May.

Mowat, 62, led the bank through the 2008-09 financial crisis, as well as the oil price downturn that took hold in 2015, and leaves as the economy shows signs of recovery.

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Over Mowat’s tenure, the bank’s assets climbed from $20.3 billion in 2007 to $49.6 billion as of last September, while total operating revenue went from $751 million to a last reporting of $1.5 billion.

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He also headed the review of the province’s royalty regime initiated by the Alberta NDP government that left the existing system largely in place.

Mowat says that after a decade of leading the bank, it’s time for a new leader to infuse the company with new ideas and approaches.

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Originally published on Advisor.ca
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