Laurentian’s New CEO Starts Making Her Mark With Reorganization
(Bloomberg) -- Laurentian Bank of Canada Chief Executive Officer Rania Llewellyn is already shaking up the company a little over a month after taking the reins, reorganizing its business and naming a key executive.
Personal and commercial banking will be split into separate operating units, the Montreal-based lender said in a statement Friday. The bank named Eric Provost, currently senior vice president of commercial banking and head of LBC Capital, as executive vice president of commercial banking. Laurentian is starting a search for a head of personal banking.
The reorganization and executive change mark the first major moves for Llewellyn, who became the first female CEO of a major Canadian bank on Oct. 30 and was given the task of turning around the underperforming lender. Llewellyn said Laurentian will be resetting its priorities, refocusing its efforts and trying to renew the “passion and pride” of its employees in the year ahead.
“While the economic uncertainty caused by the pandemic remains in place, challenges can bring about positive change,” she said in the statement. “We are actively engaging in the process of renewal and growth within our organization.”
Laurentian said that Stephane Therrien, who served as interim CEO during the process that led to Llewellyn’s selection, plans to retire at the end of the month. He had previously served as the bank’s executive vice president of personal and commercial banking.
The bank also reported results for the fiscal fourth quarter on Friday. Net income fell 11% to C$36.8 million ($28.7 million), or 79 cents a share. Excluding some items, profit was 91 cents a share, beating analysts’ 73-cent average estimate, in the three months through October.
Laurentian shares were little changed at C$33.07 at 9:34 a.m. in Toronto. The shares have slid 26% this year, the worst performance in the eight-company S&P/TSX Commercial Banks Index, which has declined 1.9%.
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