Shake\u002Dups at Canada\u0027s biggest banks could be setting the stage for the CEO succession planning process, industry watchers say. Read more.
At the Bank of Montreal, meanwhile, Nadim Hirji was appointed head of the bank’s commercial banking division on Feb. 15.
Gord Nixon, former RBC chief executive who’s familiar with the succession-planning process, said that the former is most likely true this time around as banks often aim to reshuffle the deck to start the year. But he also said that putting prospective candidates in new positions to broaden their experience in running different parts of the banking business is a common tactic.Article content
He said that it is essential for the board of directors and the current CEO to be on the same page in identifying the best candidates and the process in preparing them for what the job will demand. Bank of Nova Scotia chief executive Brian Porter, right, will be replaced by Finning CEO Scott Thomson, left.“The worst thing that happens when a new CEO is appointed is half the management team leaves because they’re disappointed,” Nixon said. “They’re not in agreement with the new CEO. There’s been internal battles that have been occurring — that’s very disruptive to a corporation.”
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What executive shake-ups at the big banks could tell us about CEO succession planningShake\u002Dups at Canada\u0027s biggest banks could be setting the stage for the CEO succession planning process, industry watchers say. Read more.
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