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Financial institution of Nova Scotia leader govt Brian Porter will retire on Jan. 31, 2023 and get replaced by way of Scott Thomson, the present leader govt of Finning World Inc., on Feb. 1, the financial institution stated Monday.
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Within the transition, Thomson will function president of the financial institution’s industry strains beginning Dec. 1, 2022. Porter will function a strategic adviser to Thomson from Feb. 1 to April 30, the financial institution stated.
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Porter has been the CEO of Scotiabank since Nov. 1, 2013. He joined the financial institution in 1981.
On the helm of Scotiabank, Porter reorganized its global industry, pulling out of South Korea, Dubai and Puerto Rico to concentrate on Latin American international locations reminiscent of Mexico, Chile, Peru and Colombia.
He additionally oversaw the acquisitions of MD Monetary and Jarislowsky Fraser Ltd.
Thomson has been a member of Scotiabank’s board since 2016, and CEO of Finning, the arena’s biggest broker of Caterpillar Inc. apparatus, for 9 years. He’ll retire from Finning on Nov. 15.
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Further reporting by way of Bloomberg
