\n<\/p>\n
The board of <\/p>\n
EQB Inc.<\/p>\n
, whose chief executive Andrew Moor passed away suddenly in June, has named the company\u2019s former chief financial officer, Chadwick Westlake, as the new CEO and president, effective Aug. 25. <\/p>\n
Westlake worked at the <\/p>\n
Bank of Nova Scotia<\/p>\n
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 <\/p>\n
OpenText Corp.<\/p>\n
as its chief financial officer. <\/p>\n
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\u2019s chief risk officer, was named interim CEO and president on June 24. She was also appointed to the board. <\/p>\n
The company said she would remain in the position until Westlake, who was a key player in EQB\u2019s recent growth, rejoins the company. <\/p>\n
\u201cAs 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\u2019s capital markets capabilities and platform,\u201d the company said in a statement on Wednesday. <\/p>\n
\u201dChadwick 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.\u201d <\/p>\n
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\u2019s support. <\/p>\n
\u201cHaving 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,\u201d EQB said. \u201cWith a clear vision and deep understanding of what makes EQB exceptional, Chadwick is well equipped to steer EQB into its next chapter of growth.\u201d <\/p>\n
From 2020 to March 2025, Westlake was responsible for EQB\u2019s corporate strategy and development, treasury and securitization activities, investor relations, all core finance functions and legal affairs, which the company said prepares him to \u201cseamlessly\u201d assume the CEO role.<\/p>\n
\u00a0<\/span> <\/p>\n 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. <\/p>\n \u201cWe are entering a defining era in the evolution of banking. I couldn\u2019t be more excited and confident in how\u00a0Canada\u2019s\u00a0challenger bank will continue to galvanize the positive, long-term change needed to help hardworking Canadians, their families and businesses,\u201d Westlake said in a statement.<\/p>\n \u00a0<\/span> <\/p>\n \u201cEQB\u2019s 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\u2019s inspired leadership and rejoin my challenger teammates to further the remarkable institution he built.\u201d <\/p>\n He said he plans to stay focused on the current path while \u201cunlocking\u201d new growth, relevance and impact. <\/p>\n Darko Mihelic, a bank analyst at RBC Dominion Securities Inc., said Westlake\u2019s appointment as CEO was a \u201clogical choice under difficult circumstances.\u201d <\/p>\n In a note to clients, he said it is a positive development for EQB, given Westlake\u2019s 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. <\/p>\n 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. <\/p>\n