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National Bank of Canada CEO Vachon to Retire; COO Ferreira Named Successor

August 13, 2021, 07:47 AM

Louis Vachon, President and Chief Executive Officer of National Bank of Canada, announced his intention to retire Oct. 31, after nearly 15 years in the role. Concurrently, the Board of Directors announced that Laurent Ferreira, Chief Operating Officer, will succeed him as President and Chief Executive Officer, effective Nov. 1, in accordance with the bank’s succession plan.

“The Board would like to recognize Louis Vachon's exceptional contribution during his years at the helm of the Bank and thanks him for the strong legacy he leaves behind. Under his leadership, the Bank posted outstanding results and delivered an industry leading compound annual total shareholder return of 13 percent from June 1, 2007, to July 31, 2021. This was based on a differentiated strategic positioning, sustained growth in Canada and abroad, and a disciplined approach to risk and cost management. The Bank has made remarkable financial, technological and cultural progress during his tenure, to the benefit of all our stakeholders. Louis has helped build a strong, diversified and agile Bank, well-positioned to succeed over the long term. Appointed Member of the Order of Canada and Officer of the Ordre national du Québec, Louis has also set himself apart by his contribution to our society as a whole,” said Jean Houde, Chair of the Board of Directors of National Bank.

"National Bank has become a systemically important bank in Canada and is playing an increasingly important role in driving economic and social development. It has been a privilege to lead the Bank and help write a chapter in its history. I wish to thank the members of the Board of Directors, the Office of the President and all our employees, clients and shareholders for their trust over the years," said Vachon. "Helping the Bank develop a culture of agility has been one of my greatest sources of pride, enabling the organization to better adapt to change, capture opportunities and adjust to challenges as they arise."

"Over the course of his career, Laurent has demonstrated a decisive and unifying leadership approach, always quick to identify and seize growth opportunities. 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. I'm confident that the Bank will continue to succeed under Laurent’s leadership. I look forward to working with him and the executive team to ensure a smooth transition," said Vachon.

"An inspiring leader with a human touch, Laurent has a strong track record of strategic leadership with a deep understanding of the Bank. Laurent is also committed to the Bank's One Mission of having a positive impact on people's lives by building long-term relationships with our clients, our employees and the communities we serve and by putting people first. The Board has full confidence in Laurent and the executive team’s ability to lead the Bank's continued success," said Houde.

"I'm truly honored by the opportunity the Board of Directors has offered me, and I would like to thank Louis for his leadership and support," said Ferreira. "National Bank stands out for its performance, talent and culture, and I look forward to continuing to work with such a strong team. Our commitment to providing outstanding customer service and promoting an inclusive workplace among the most stimulating in the country, while seizing profitable growth opportunities and delivering strong returns for our shareholders, will remain unwavering."

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