Aug 11 - The National Bank of Canada, the smallest of Canada's Big Six banks, named chief executive Louis Vachon on Wednesday, replacing long-standing major bank head Laurent Ferreira who will retire at 14 1 2 years after his role in the role.
Ferreira, who has been at the Montreal-based National Bank since 1998, is currently chief operating officer, a role that he joined in February when he was only on the board of directors.
Prior to that, he was co-head of the Financial markets since August 2018.
Over the course of his career, Vachon has shown a decisive and unifying leadership approach, always quick to identify and absorb growth opportunities, Lia said in a statement.
Vachon also served a short period as the Chief of Staff of National Bank before he became CEO in June 2007. The bank has delivered an annual shareholder return of 13% from the time Vachon took over the helm to July 31, according to a company statement.
Valchon shares have tripled in value during his tenure, against a 45.5% gain on the Toronto stock benchmark to buy National Bank shares.