Jul 2008 Financial News

No new captain for Scotiabank

Jul 22, 2008

THE BOARD of directors of the Bank of Nova Scotia Jamaica Limited (BNS) could learn who will succeed William 'Bill' Clarke as president and chief executive officer of the bank on July 28, the scheduled date for a board meeting.

This follows the bank's announcement through a Jamaica Stock Exchange release on July 18 that Clarke will retire on October 31.

Dr Herbert Thompson, a member of the board, told The Gleaner yesterday that there was still no indication of the possible contenders for the post.

"I have no idea. I don't know if it is something which is going to be thrown out to the board," said Thompson.

"It may be a choice from Canada," he added, referring to the Canadian parent company, Scotiabank.

Tight-lipped

Simone Hull, public relations specialist at BNS, confirmed that no word had yet been given from Canada on Clarke's successor, while some members of the financial community were tight-lipped and evasive in predicting the next CEO.

But while the choice of a successor is highly speculative, based on industry trends in the financial sector, the CEO's baton is usually passed on to the chief financial officer.

Stacie-Ann Wright is the chief financial officer of BNS Jamaica.

However, Scotiabank, which prides itself on succession planning, usually indicates indirectly who its next top senior manager is by sending the person off for training in Canada, as it did years ago with Minna Israel, now managing director of RBTT Jamaica.

Noel, schnoor tipped for post

This places the former secretary of Bank of Nova Scotia Jamaica Limited and Scotia Group Jamaica Limited, David Noel, as a possible candidate since, on April 30, he resigned as secretary of BNS Jamaica and Scotia Group Jamaica Limited, to accept an extended training assignment with the International Banking division of Scotiabank in Canada.

When Anya Schnoor, who heads ScotiaDBG, first joined the Scotia Group, it was whispered that she could be a likely successor to Clarke.

However, a few analysts say she makes a better second-in-command manager.


Source:
Susan Gordon, Business Reporter
susan.gordon@gleanerjm.com
Jamaica Gleaner
Tuesday July 22, 2008

http://www.jamaica-gleaner.com/gleaner/20080722/news/news1.html