Bank of Nova Scotia has announced significant leadership changes within its executive team, including the appointment of current chief risk officer Phil Thomas as the new chief strategy and operating officer effective December 2024.
Executive Leadership Reshuffle
The banking institution revealed several key appointments in what appears to be a strategic reorganization of its senior leadership structure. Phil Thomas, who previously served as chief risk officer, will transition to his new role as chief strategy and operating officer starting next month.
Scotiabank's chief executive Scott Thomson praised Thomas's contributions in a formal statement, noting that he "elevated our global risk management function during a period of rapid change and macroeconomic challenges, including the pandemic and ongoing global trade negotiations."
Thomas replaces Anique Asher, who held the chief strategy and operating officer position for approximately eighteen months. Asher will now assume the role of executive vice-president of Real Estate Secured Lending within the organization.
Risk Management Leadership Transition
Filling Thomas's previous position as chief risk officer will be Shannon McGinnis, who currently serves as Scotiabank's deputy chief risk officer. McGinnis joined the bank in 2024 after an extensive career spanning nearly three decades at Toronto-Dominion Bank.
The executive changes also include two additional key appointments: Tracy Gomes as chief risk officer of Canadian Banking, Global Wealth Management and Credit Risk, and Meigan Terry as chief global corporate and public affairs officer.
Chief executive Thomson emphasized that "these appointments reflect our commitment to developing exceptional talent and strengthening our leadership team to deliver sustainable, profitable growth."
Organizational Transformation Context
These executive movements come just weeks after Scotiabank began implementing workforce reductions across its Canadian operations. The timing suggests a broader organizational transformation is underway at one of Canada's leading financial institutions.
Last month, Aris Bogdaneris, the bank's head of Canadian business, communicated directly with employees about the challenging changes. In a memo to staff, Bogdaneris acknowledged that "a transformation of this scale is not easy, especially when it means saying goodbye to valued colleagues."
The memo further outlined the bank's strategic direction, indicating plans to "deprioritize and eliminate activities that take up too much of our time and add little value to our clients and employees."
During his tenure as chief risk officer, Thomas frequently addressed emerging threats to the banking sector, including potential risks stemming from United States President Donald Trump's tariffs on Canadian goods in recent quarters.
The comprehensive leadership changes signal Scotiabank's ongoing efforts to reposition itself for future growth while navigating economic uncertainties and evolving market conditions affecting the Canadian banking industry.
