Ms. Diane Flanagan reports

MIKE DURLAND RETIRING TO PURSUE ACADEMIC AND COMMUNITY INVOLVEMENT

Mike Durland, group head and chief executive officer, global banking and markets, at Bank of Nova Scotia, has decided to retire. After a 23-year career at Scotiabank, Mr. Durland has made a personal decision to pursue his lifelong interest in academia, community building, and a focus on entrepreneurship, innovation and technology.

Scotiabank also announced that two seasoned and experienced executives will take on new accountabilities. This transition will take place over the next few months. Dieter Jentsch, with more than 30 years of experience in Canada and internationally, and currently group head, international banking, will become group head, global banking and markets.

Ignacio (Nacho) Deschamps, an international banking executive and digital pioneer with 30 years of experience, and currently strategic adviser, to the president and chief executive officer, global digital banking, will become group head, international banking and digital transformation.

"We have deep executive bench strength consistent with our ongoing efforts focused on leadership depth and diversity. With James O'Sullivan leading our Canadian banking business and Dieter Jentsch and Nacho Deschamps leading our global banking and markets and international banking businesses, respectively, we are well positioned as we continue to build a better bank," said Brian Porter, president and chief executive officer, Scotiabank. "On behalf of the team at Scotiabank, I wish Mike all the best as he takes an exciting and different path forward into retirement. He has had a distinguished career and made a tremendous contribution to Scotiabank and our wholesale banking business over the last 20 years."

Dieter Jentsch select career highlights:

• Educational background includes a bachelor of science in agriculture, master of business administration and advanced management program at INSEAD;
• Joined Scotiabank in 1983;
• Held progressively senior roles, including:
  • Senior vice-president, Canadian commercial banking;
  • Regional senior vice-president, domestic branch banking, Toronto region;
  • Managing director and head, Scotia private client group, wealth management;
  • Executive vice-president, commercial banking, Canada;
  • Executive vice-president, Latin America;
  • Group head, international banking.

Ignacio Deschamps select career highlights:

• Educational background in industrial engineering with a master of engineering and administration from George Washington University;
• 30-year banking career, including Inter-American Development Bank, Bancomext, Bancomer and BBVA;
• Former president of the Mexican Bankers Association, where he led significant consultations with government, regulators and key stakeholders during the financial crisis;
• Currently strategic adviser to Scotiabank's president and chief executive officer, global digital banking.