‘We need to simplify this organization to make it more efficient, because for too long we’ve been all things to all people,’ CEO Éric Provost said Friday
newly minted chief executive officer Éric Provost is focusing the lender on expanding its commercial segment and streamlining its businesses as part of a new turnaround plan prompted by a tumultuous year.
Laurentian put itself on the auction block last year but called off its sale process in September after it failed to attract a buyer. Weeks later, its computer systems crashed during a planned technology upgrade, leading to theAt the time, Laurentian was halfway through a three-year strategic review implemented by Ms. Llewellyn, and analysts have raised questions about how bold or innovative the bank’s new plan would be compared with the one she began only a few years prior.
Laurentian’s stock tumbled 6.5 per cent in Toronto, underperforming the 0.5-per-cent rise of the S&P/TSX Composite Bank Index. Laurentian intends to hire people with expertise in these specialized niches, diversify into related sectors, and strike partnerships, such as its financing deal with major PC maker Lenovo Group Ltd.
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