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Scotiabank Shuffles Its Executive Ranks

Bank of Nova Scotia (BNS) has announced several changes to its senior executive ranks days after reporting its latest quarterly financial results.

The changes at Scotiabank, as the lender is commonly known, include a new head for online bank Tangerine.

The bank said it has hired former ING (ING) executive Aris Bogdaneris as the new leader of Tangerine, which had been owned by ING before Scotiabank acquired it in 2012.

The bank also said that Barb Mason, chief human resources officer, will retire at the end of 2023. She will be replaced by Jenny Poulos, who previously worked at Royal Bank of Canada (RY).

The executive changes also come months after the appointment of Scott Thomson as Scotiabank’s chief executive officer (CEO).

On August 29, Scotiabank reported that its profit fell 15% during the last fiscal quarter. The profit decline was due, partly, to more money set aside to cover potentially bad loans.

The stock of Scotiabank has fallen 10% in the last 12 months to trade at $64.12 per share.