National Bank names Laurent Ferreira CEO

Bloomberg

National Bank of Canada Chief Executive Officer Louis Vachon is stepping down after 14 years and will be succeeded by Laurent Ferreira atop the country’s sixth-largest bank.
Ferreira, 50, who was promoted to chief operating officer in February, will take over as CEO on November 1, the Montreal-based lender said.
Since taking the reins in 2007, Vachon, 59, helped National Bank grow beyond its stronghold in Quebec by building up its capital-markets unit and diversifying offerings within its divisions, providing the company with a steadier stream of earnings.
“Since Louis took over, every division of the bank has thrived, driving superior operating performance, including the highest ROE among the Canadian banks, and one of the highest ROEs in global banking,” said Rob Wessel, managing partner of Hamilton ETFs and a former bank analyst at National Bank. “Not surprisingly, this resulted in significant share-price out-performance over his tenure.”
National Bank shares had the best performance among Canada’s eight largest publicly-traded banks during Vachon’s leadership, rising more than 200%. Vachon is the only CEO of one of those banks who’s been in the top job since before the financial crisis.
National Bank’s return on common shareholders’ equity was 22% in the fiscal second quarter. “Mr Vachon has driven financial, technological and cultural progress, helping position the bank for long-term success,” Scott Chan, an analyst at Canaccord Genuity Group Inc, said in a note to clients. “Under his leadership, the bank has delivered an industry-leading compound annual total shareholder return of 13%.”