Leadership transition follows sudden death of long-time CEO Andrew Moor in June
Chadwick Westlake will take over as CEO of EQB Inc. on August 25, according to a company statement.
He will also join the board of directors.
Westlake was previously EQB’s chief financial officer and most recently held the same position at Open Text Corp.
The appointment follows a leadership transition that was nearly finalized before the sudden death of long-time CEO Andrew Moor on June 23.
Interim CEO Marlene Lenarduzzi will remain in the role until Westlake’s arrival, after which she will return to her position as chief risk officer.
According to board chair Vincenza Sera, Westlake “stood above all others” in a candidate pool reviewed alongside Moor.
She added he “possesses all the requisite skills to be an outstanding CEO of a major bank,” and knows the business “inside and out.”
Westlake said in a statement that he is returning “in a defining era in the evolution of banking,” adding, “EQB’s market position is strong, with its full potential still to be unleashed… It is the greatest honour of my career to take up the mantle of Andrew’s inspired leadership and rejoin my challenger teammates.”
The Globe and Mail reported that Westlake previously served as CFO at EQB for over four years, overseeing core finance functions, corporate strategy, legal affairs, and treasury.
According to the press release, the selection process was years in the making and led by a board committee chaired by Susan Ericksen, with support from a global recruitment firm.
EQB spokesperson Maggie Hall told The Globe and Mail that a succession plan was “very advanced” at the time of Moor’s passing.
Jefferies analyst John Aiken said in a client note that Westlake’s reappointment “represents the path of least disruption in terms of execution and operations,” and praised the quick transition.
RBC Dominion Securities analyst Darko Mihelic called Westlake “an experienced executive” who had overseen major growth.
As per CIBC’s Paul Holden, the board’s decision signals a continuation as a public company and lowers the likelihood of a take-private bid.
Moor led EQB for 18 years, turning it into Canada’s seventh-largest bank.
As reported by BNN Bloomberg, he was also a vocal advocate for open banking and competition in the financial sector.
According to Sera, his leadership will be continued through Lenarduzzi and Westlake.
Westlake’s return follows an 18-year tenure at Scotiabank in senior roles across retail banking, wealth management, global banking and risk.
EQB shares closed down 0.1 percent at $102.58 on the Toronto Stock Exchange on Wednesday.
Shares are up four percent year-to-date, with a market capitalization of $3.9bn. Open Text shares fell 4.3 percent to $39.50.
