The board of
EQB Inc.
, whose chief executive Andrew Moor passed away suddenly in June, has named the company’s former chief financial officer, Chadwick Westlake, as the new CEO and president, effective Aug. 25.
Westlake worked at the
Bank of Nova Scotia
for nearly two decades before joining EQB, the upstart financial services company that owns Equitable Bank, in 2020. He left EQB in March to join
OpenText Corp.
as its chief financial officer.
EQB was in the midst of a two-year succession process when Moor unexpectedly died in late June, shortly after turning 65. Marlene Lenarduzzi, Equitable’s chief risk officer, was named interim CEO and president on June 24. She was also appointed to the board.
The company said she would remain in the position until Westlake, who was a key player in EQB’s recent growth, rejoins the company.
“As the former CFO of EQB, his leadership and action helped drive the acquisition and integration of Concentra Bank, the addition of alternative asset manager ACM Advisors and the significant expansion of Equitable Bank’s capital markets capabilities and platform,” the company said in a statement on Wednesday.
”Chadwick possesses all the leadership qualities and skill sets the board identified as necessary to take EQB to the next level for our customers, employees and shareholders.”
The bank said Westlake stood out among the candidates who emerged from a search to replace the CEO in a succession process in which Moor himself had participated and had Moor’s support.
“Having successfully served us in an executive capacity for many years, he is uniquely positioned to uphold the challenger bank culture and innovation mindset that drives us forward,” EQB said. “With a clear vision and deep understanding of what makes EQB exceptional, Chadwick is well equipped to steer EQB into its next chapter of growth.”
From 2020 to March 2025, Westlake was responsible for EQB’s corporate strategy and development, treasury and securitization activities, investor relations, all core finance functions and legal affairs, which the company said prepares him to “seamlessly” assume the CEO role.
He previously spent 18 years at Scotiabank working in a variety of divisions, including Canadian banking, wealth management, international banking and global banking and markets. His corporate functions included global risk management, operations and finance, and he last served as executive vice-president of enterprise productivity and Canadian banking finance.
“We are entering a defining era in the evolution of banking. I couldn’t be more excited and confident in how Canada’s challenger bank will continue to galvanize the positive, long-term change needed to help hardworking Canadians, their families and businesses,” Westlake said in a statement.
“EQB’s market position is strong, with its full potential still to be unleashed. It is the greatest honour of my career to take up the mantle of Andrew’s inspired leadership and rejoin my challenger teammates to further the remarkable institution he built.”
He said he plans to stay focused on the current path while “unlocking” new growth, relevance and impact.
Darko Mihelic, a bank analyst at RBC Dominion Securities Inc., said Westlake’s appointment as CEO was a “logical choice under difficult circumstances.”
In a note to clients, he said it is a positive development for EQB, given Westlake’s experience as an executive at the bank who oversaw key acquisitions during a period of growth that included development of a now $3.1-billion European covered bond program.
Moor was a pioneer in fintech and digital banking. At Equitable, he helped navigate the global financial crisis and then transform a trust company with $3 billion in assets into a digital bank with more than $100 billion of assets under administration.
In 2007, when he joined the company, it had about 100 employees and a market capitalization of less than $400 million. Under his leadership, it grew to employ about 2,000 people with a market cap of nearly $3.7 billion.
• Email: bshecter@postmedia.com
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EQB names former CFO and Scotiabank veteran as CEO
2025-07-09 14:04:36
