François Desjardins to Retire from Laurentian Bank of Canada

Stéphane Therrien Appointed Interim President and CEO

MONTREAL, June 15, 2020 (GLOBE NEWSWIRE) -- Laurentian Bank of Canada (TSX-LB) (the “Bank”) today announced that François Desjardins is stepping down as President and CEO and resigning as a director of the Bank and will be retiring from the Bank, effective June 30, 2020. The Bank also announces the appointment of Stéphane Therrien as Interim President and CEO, and as a director of the Bank. Mr. Therrien currently serves as the Bank’s Executive Vice President, Personal & Commercial Banking, and as President and Chief Executive Officer of LBC Financial Services.

“François has made an important contribution to the Bank during his 5-year tenure as President and CEO, and we thank him for his 29 years of dedicated service to the Bank. We wish François well in his future endeavours,” said Michael Mueller, Chairman of the Board, adding, “Notwithstanding the recent difficulties presented by the pandemic, the Bank remains in a strong position to deal with the challenges ahead with solid levels of capital and liquidity and excellent customer relationships. The ongoing implementation of the Bank’s transformation strategy is well advanced and there is an opportunity to generate growth and enhance profitability through strong execution.”

Stéphane Therrien has over 30 years of experience in the financial sector, as well as an in-depth knowledge of the Bank, having served in executive roles within the Bank since 2012. He has been responsible for all commercial activities for the Bank in Canada and the U.S., as well as for the Retail Services branch network throughout Québec. Stéphane was successful in growing the Business Services segment—from assets of $4.8B in 2012 to $13.5B in 2020—through a combination of organic growth and acquisitions.

“It is a privilege to be asked to lead our bank, together with my colleagues on the Executive Committee,” said Stéphane Therrien. “We remain committed to transforming our financial institution and meeting our customers’ evolving needs. One of my priorities will be to listen to customers, employees and investors to refine our execution strategy with a clear focus on growth and profitability.”

“I am proud of my accomplishments at the Bank over the past 29 years, and particularly my five years as President and CEO,” said François Desjardins. “I had the pleasure of working with many talented colleagues and I wish them much success in the future.”