Scotiabank has named Stephen Hart as new chief risk officer, replacing Robert Pitfield, effective 1 September 2013.
Hart will replace Rob Pitfield who is retiring after spending 30-years at Scotiabank and he will continue with the Bank until January 2014 to facilitate the transition.
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Stephen Hart has been with Scotiabank for 35 years and is most recently executive vice president and chief credit officer overseeing the global management of credit risk for the Bank, including chairing the key credit committees for Canadian Banking, International Banking and Global Banking and Markets.
Hart has previously held a variety of senior positions in the United States and Canada in both origination and credit adjudication in corporate lending.
He was a relationship manager based in Chicago in the early 1980s, and headed up the corporate banking unit in Ontario in the 1990s. Since 1999, he has been in Global Risk Management.
Meanwhile, Scotiabank has appointed Terry Fryett as executive vice president and chief credit officer, effective 1 September 2013, replacing Hart.
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By GlobalDataFryett has been with Scotiabank for 36 years and is currently senior vice president, global risk management overseeing commercial and corporate credit risk in Latin American markets. He has also held a variety of senior roles in corporate banking in Toronto, Calgary, Houston, New York and the UK. He also served as senior vice president and CFO of global banking and markets.
Rick Waugh, CEO, Scotiabank, said: "Stephen understands risk management. He has extensive experience in credit risk and adjudication and he knows the Bank, our customers, values and risk management processes inside out.
"Terry has a deep understanding of the Bank’s strategic priorities and will be a great addition to our executive management committee," Waugh added.
