This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Scotiabank Announces Changes To Senior Executive Team

Stocks in this article: BNS

TORONTO, Aug. 29, 2013 /CNW/ - Scotiabank today announced that Stephen Hart has been appointed to the position of Chief Risk Officer, effective September 1, 2013.  Mr. Hart will replace Rob Pitfield who is retiring after a distinguished 30-year career at Scotiabank.  Mr. Pitfield will continue with the Bank until January 2014 to facilitate the transition.

" Rob Pitfield is a dedicated 30-year Scotiabanker who has held a number of increasingly senior positions across the Bank, including Group Head, International Banking, and Group Head & Chief Risk Officer for the last three years.  An experienced and knowledgeable banker, Rob is known for his energy, enthusiasm and dynamic teamwork.   We will miss his sound advice and guidance and wish him well in his retirement," said Rick Waugh, CEO, Scotiabank.

Stephen Hart has been with Scotiabank for 35 years and is currently Executive Vice President and Chief Credit Officer overseeing the global management of credit risk for the Bank, including chairing the key credit committees for Canadian Banking, International Banking and Global Banking and Markets.  Mr. Hart previously held a variety of senior positions in the United States and Canada in both origination and credit adjudication in corporate lending. He was a Relationship Manager based in Chicago in the early 1980s, and headed up the Corporate Banking unit in Ontario in the 1990s. Since 1999, he has been in Global Risk Management; initially as Senior Vice President, Corporate Credit, and then as Senior Vice President & Head, Credit Risk, prior to his most recent appointment in October 2008.

At the same time, Scotiabank announced that Terry Fryett has been appointed Executive Vice President and Chief Credit Officer, effective September 1, 2013, replacing Mr. Hart.  Mr. Fryett has been with Scotiabank for 36 years and is currently Senior Vice President, Global Risk Management overseeing commercial and corporate credit risk in Latin American markets.  Mr. Fryett previously held a variety of senior positions in corporate banking in Toronto, Calgary, Houston, New York and the UK.  He also served as Senior Vice President and CFO of Global Banking and Markets.

"Stephen understands risk management.  He has extensive experience in credit risk and adjudication and he knows the Bank, our customers, values and risk management processes inside out," said Rick Waugh.  "He will continue to bring the kind of discipline and judgment to the role of Chief Risk Officer that our all of our stakeholders have come to expect from Scotiabank."

Waugh added, "Terry is a strong leader with extensive banking experience across international markets. He has a deep understanding of the Bank's strategic priorities and will be a great addition to our Executive Management Committee."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs