National Bank of Canada chief executive Louis Vachon will retire at the end of October after nearly 15 years in the job.
The Montreal-based bank said Wednesday that chief operating officer Laurent Ferreira will take over the top post.
Vachon has been CEO since June 2007 and also served as chief operating officer before heading the bank. Ferreira joined National Bank in 1998.
Before he became chief operating officer in February, Ferreira was executive vice-president and co-head, financial markets. He will become CEO effective Nov. 1.
In a statement, National Bank board chair Jean Houde pointed to the bank’s results under Vachon, including an “industry-leading” compound annual total shareholder return of 13% during his tenure.
“This was based on a differentiated strategic positioning, sustained growth in Canada and abroad, and a disciplined approach to risk and cost management,” Houde said.
Vachon, a member of the Order of Canada, said in a statement that he was privileged to lead the bank and help develop a “culture of agility.” He also praised his successor.
“Over the course of his career, Laurent has demonstrated a decisive and unifying leadership approach, always quick to identify and seize growth opportunities,” Vachon said. “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.”
The leadership change would not affect National Bank’s credit rating, said DBRS Ltd. in a statement, noting the transition is likely to be smooth.