The Globe and Mail reports in its Thursday, Oct. 5, edition that ousted Laurentian Bank of Canada chief executive officer Rania Llewellyn was blind sided by the board's sudden decision, unnamed sources say. The Globe's Andrew Willis writes that two unnamed sources say Michael Mueller, who resigned his post as chairman of Laurentian earlier this week, left the lender as an act of protest over the abrupt termination of Ms. Llewellyn. The bank announced the two departures early Monday, but did not say why or under what circumstances they had occurred.
Ms. Llewellyn was recruited three years ago to lead a turnaround at Laurentian. The Globe notes that Laurentian has struggled to compete with its bigger rivals and recently failed to find a buyer after putting itself up for sale. Sources say Ms. Llewellyn went into a board meeting on Sunday expecting to discuss a five-day service outage that began on Sept. 24, when the bank's systems crashed unexpectedly during a planned technology upgrade. Instead, the board dismissed Ms. Llewellyn and named Eric Provost, who had been Laurentian s head of personal and commercial banking, as her successor. Sources say Mr. Mueller then resigned in protest.
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