Waugh spoke in an interview from Saskatoon, Saskatchewan, where Scotiabank held its annual meeting of shareholders today. He said he plans to be head of Canada’s third-largest bank by assets at next year’s shareholder meeting.
“God willing and board willing,” Waugh said. “I serve at the pleasure of both.” He declined to say when he plans to step down.
Waugh has been with Scotiabank since 1970, beginning at a branch in his native Winnipeg. He became CEO of the Toronto- based lender in 2003 and has spent more than C$3.5 billion over the past five years on acquisitions outside of Canada, including purchases in Colombia, Peru and China.
Toronto-Dominion Bank’s Edmund Clark, 64, said last week that he is in his “final years” as CEO. Toronto-Dominion is Canada’s second-largest bank, behind Royal Bank of Canada.
Waugh said succession planning has been taking place since he took the top spot.
“We’re in regular discussions with the board on that,” said Waugh. “And we’ve got great depth and breadth of choices.”
To contact the reporter on this story: Sean B. Pasternak in Saskatchewan at firstname.lastname@example.org