Scotiabank's Brian Porter to turn helm over to 'surprising' choice for top job

Brian Porter, who helped navigate the Bank of Nova Scotia through the financial crisis as chief risk officer, and then overhauled the bank's Latin America operations and jumped into digital innovation as CEO, is stepping down at the end of January.

Scott Thomson comes from outside the executive team at Scotia.

There was an issue with signing you up. Try again.

Thomson is a member of Scotia's board. He will take over as president of the third-largest bank in Canada on December 1.

The non-traditional appointment is not likely to signal a change in strategy because Thomson helped forge the path as a member of the board.

He told clients in a note that the appointment of a Canadian bank CEO was surprising. We don't expect the transition to be difficult with Mr. Thomson's involvement in the board.

The analyst said that Thomson's experience in Latin America, where Scotia has substantial operations, was a positive component of the search committee.

Porter will remain as a strategic adviser after Thomson takes over as CEO.

Prior to leading Finning, Thomson was the CFO of Talisman Energy.

Porter said that working at Scotia was the honor of his lifetime and that he has always considered banking to be a calling. He believes that Thomson will guide the bank through its next phase of growth and development because he is a results-driven and proven leader.

Porter is confident that he will lead the Bank well.

The chair of Scotia's board praised Porter as a forward looking leader who had made "bold, strategic decisions that have repositioned the bank."

Regent said that the global wealth management business has more than doubled in size and is now number two in the Canadian retail mutual fund.

Larger markets that offer higher growth potential are now the focus of international banking.

Regent said that Thomson's skills include familiarity with the international market, talent development and digital transformation, and that he has a proven track record of success.

He was the leader of large organizations in challenging and complex macroeconomic environments.

Scott has a comprehensive understanding of the Bank's strategy, operations, management team, risk appetite, culture and drivers of growth.

Regent said that Thomson is committed to speeding up the bank's customer focus and digital capabilities.

Porter's long-term vision and strategic investments in people, processes, technology and products will benefit the bank for a long time.

Thomson said that he was excited to join and lead the bank's world-class leadership team.

I have seen first-hand the incredible potential of this organization and the dedication and skill of its people during my six years on the board.

The email is bshecter@postmedia.