François Desjardins to Retire from Laurentian Bank of Canada
15 June 2020 - 9:30PM
Laurentian Bank of Canada (TSX-LB) (the “Bank”) today announced
that François Desjardins is stepping down as President and CEO and
resigning as a director of the Bank and will be retiring from the
Bank, effective June 30, 2020. The Bank also announces the
appointment of Stéphane Therrien as Interim President and CEO, and
as a director of the Bank. Mr. Therrien currently serves as the
Bank’s Executive Vice President, Personal & Commercial Banking,
and as President and Chief Executive Officer of LBC Financial
Services.
“François has made an important contribution to
the Bank during his 5-year tenure as President and CEO, and we
thank him for his 29 years of dedicated service to the Bank. We
wish François well in his future endeavours,” said Michael Mueller,
Chairman of the Board, adding, “Notwithstanding the recent
difficulties presented by the pandemic, the Bank remains in a
strong position to deal with the challenges ahead with solid levels
of capital and liquidity and excellent customer relationships. The
ongoing implementation of the Bank’s transformation strategy is
well advanced and there is an opportunity to generate growth and
enhance profitability through strong execution.”
Stéphane Therrien has over 30 years of
experience in the financial sector, as well as an in-depth
knowledge of the Bank, having served in executive roles within the
Bank since 2012. He has been responsible for all commercial
activities for the Bank in Canada and the U.S., as well as for the
Retail Services branch network throughout Québec. Stéphane was
successful in growing the Business Services segment—from assets of
$4.8B in 2012 to $13.5B in 2020—through a combination of organic
growth and acquisitions.
“It is a privilege to be asked to lead our bank,
together with my colleagues on the Executive Committee,” said
Stéphane Therrien. “We remain committed to transforming our
financial institution and meeting our customers’ evolving needs.
One of my priorities will be to listen to customers, employees and
investors to refine our execution strategy with a clear focus on
growth and profitability.”
“I am proud of my accomplishments at the Bank
over the past 29 years, and particularly my five years as President
and CEO,” said François Desjardins. “I had the pleasure of working
with many talented colleagues and I wish them much success in the
future.”
The Board of Directors has established a special
committee of the Board to immediately undertake the search for a
new President and CEO.
About Laurentian Bank Financial
Group
Founded in 1846, Laurentian Bank Financial Group
is a diversified financial services provider whose mission is to
help its customers improve their financial health. The Laurentian
Bank of Canada and its entities are collectively referred to as
Laurentian Bank Financial Group (the “Group” or
the “Bank”).
With more than 3,100 employees guided by the
values of proximity, simplicity and honesty, the Group provides a
broad range of advice-based solutions and services to its personal,
business and institutional customers. With pan-Canadian activities
and a presence in the U.S., the Group is an important player in
numerous market segments.
The Group has $45.4 billion in balance sheet
assets and $27.1 billion in assets under administration.
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
In this document and in other documents filed
with Canadian regulatory authorities or in other communications, we
may, from time to time, make written or oral forward-looking
statements within the meaning of applicable securities legislation.
Forward-looking statements may include, but are not limited to,
statements regarding our business plan and financial objectives
including statements contained in our 2019 Annual Report under the
heading “Outlook”. Forward-looking statements typically are
identified with words or phrases such as believe, estimate,
forecast, project, expect, anticipate, plan, goal, target, may,
should, could, would, will, intend or the negative of these terms,
variations thereof or similar terminology. By their very nature,
forward-looking statements require us to make assumptions and are
subject to inherent risks and uncertainties, both general and
specific in nature. We caution readers against placing undue
reliance on forward-looking statements, as a number of factors,
many of which are beyond our control and the effects of which can
be difficult to predict, could cause our actual results to differ
materially from the targets, plans, objectives, expectations,
forecasts, estimates and intentions expressed in such
forward-looking statements. We do not undertake to update any
forward-looking statements, whether oral or written, made by us or
on our behalf, except to the extent required by securities
regulations.
Information:
Hélène SoulardAssistant Vice
President,
Communications514 926-3295helene.soulard@lbcfg.ca
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