From BNN This A.M. 'SURPRISE' CEO SUCCESSION AT BANK OF NOVA SCOTIA
Brian Porter is retiring as the bank’s president and chief executive at the end of January. His successor is Scott Thomson, who has been serving as the head of Finning International, the Vancouver-based Caterpillar equipment dealer. Granted, he’s been on Scotia’s board of directors since 2016. But in early reaction this morning, Anish Chopra from Portfolio Management Corp. called the decision a “surprise” that runs counter to the industry convention of internal succession. We’ll have plenty more reaction today, and will review how Porter helped to reshape Scotia — and why the bank hasn’t been rewarded by investors.