Scotiabank CEO Rick Waugh intends to retire as CEO, effective November 1, 2013.

Waugh spent 10 years in the role, and 43 years with the bank. He will remain a director of the board, however, and will assume the role of deputy chairman of the bank until January 31, 2014.

The board has appointed Brian Porter to the role of president and CEO, effective November 1, 2013. Porter was appointed to the role of president on November 1, 2012, and was group head of International Banking previously.

Porter joined the bank in 1981, and has held a variety of other management positions, including deputy chairman of Global Banking and Markets.

“Waugh guided Scotiabank through a period of tremendous growth,” says John Mayberry, chairman of the board.

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