Scotiabank is adding years of experience to its board of directors with these appointments.
“We are very pleased to welcome Sandra and Michael to Scotiabank’s Board. Sandra is a seasoned business leader with extensive global financial services and operations experience from her time at HSBC Bank. Michael has a strong track record of retail leadership success, as current President and CEO of Empire Company Limited and Sobeys Inc. and former president and CEO of Canadian Tire Corporation,’’ said Aaron Regent, chair of the board of directors for Scotiabank.
Stuart served as HSBC Bank Canada’s previous president and chief executive officer.
Additionally, Stuart held the position of Chief Operating Officer, where she was in charge of IT, business operations, procurement, corporate real estate, and change management.
She joined HSBC in 1982 and has held a variety of positions on a global scale, including in the US and Brazil.
At Empire Company Limited and Sobeys, Medline serves as president and chief executive officer.
Medline also held executive roles in retail, including president and chief executive officer, at Canadian Tire Corporation before joining Empire in 2017.
In addition, he worked for the Ontario Securities Commission, McCarthy Tétrault, and PepsiCo Canada before joining Abitibi Consolidated as senior vice president, strategy, and corporate development.
Regent added: “As we look to support the management team in refreshing Scotiabank’s strategy to deliver profitable and sustainable growth for shareholders, I am confident that Sandra and Michael will deepen the Board’s business leadership and operational capabilities.”
Most recently, Scotiabank reports net income of C$2.12bn for the three months to end July, compared to C$2.59bn in the same period last year.
Higher provisions for credit losses at Scotiabank’s domestic and international units impact third quarter earnings.
Scotiabank’s Canadian banking unit is also hit with a marked increase in expenses.