Scotiabank says CEO Brian Porter will retire at the end of January next year.
The bank says he will be replaced by Scott Thomson, currently president and chief executive of heavy equipment dealer Finning International Inc.
Thomson has been a member of the Scotiabank board since 2016.
He will retire from Finning on Nov. 15 and become president at Scotiabank starting on Dec. 1 before taking over as chief executive on Feb. 1, 2023.
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Porter joined Scotiabank in 1981 and became chief executive on Nov. 1, 2013.
He will serve as a strategic adviser to Thomson from Feb. 1 to April 30, 2023.
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