National Bank CEO stepping down
National Bank of Canada chief executive Louis Vachon is stepping down from his role as head of the country's sixth-largest bank, with chief operating officer Laurent Ferreira announced as his successor.
After more than 14 years leading the bank, Vachon announced he will be retiring in October. Ferreira, 50, who became COO in February, will start as CEO on Nov. 1, according to a statement from the Montreal-based bank on Wednesday.
“Over the course of his career, Laurent has demonstrated a decisive and unifying leadership approach, always quick to identify and seize growth opportunities,” Vachon said in a statement. “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.”
Vachon, 59, took the helm in 2007 and has held the top spot longer than any other head of the Big Six banks. He hands the job over to Ferreira as the economy continues to rebound from the pandemic, a period during which the bank outperformed its competitors
National Bank shares are up 141 per cent since the market tumbled in March 2020, while the other large banks returned an average 101 per cent, according to Canaccord Genuity Group analyst Scott Chan.
“Mr. Vachon has driven financial, technological, and cultural progress, helping position the Bank for long-term success,” Chan said in a research note.
“Since Louis took over, every division of the bank has thrived, driving superior operating performance, including the highest ROE among the Canadian banks, and one of the highest ROEs in global banking,” said Rob Wessel, managing partner of Hamilton ETFs and a former bank analyst at National Bank. “Not surprisingly, this resulted in significant share-price out-performance ...”