TORONTO — EQB Inc. has named its former chief financial officer Chadwick Westlake as its next CEO, succeeding Andrew Moor who died unexpectedly last month.
Westlake, who will assume the role effective Aug. 25, comes back to the bank after leaving in March to take on the CFO role at Open Text Corp.
EQB board chair Vincenza Sera says Westlake knows the business inside and out and is uniquely positioned to uphold the company's culture and innovation mindset.
"Having successfully served us in an executive capacity for many years, he is uniquely positioned to uphold the challenger bank culture and innovation mindset that drives us forward," said Sera in a statement.
Westlake served as chief financial officer of EQB from late 2020 until March. Prior to his time at EQB, he served various roles over 18 years at Scotiabank.
"It is the greatest honour of my career to take up the mantle of Andrew's inspired leadership and rejoin my challenger teammates to further the remarkable institution he built," said Westlake in a statement.
Moor grew EQB into Canada's seventh-largest bank during his nearly two-decade tenure at the helm and was a strong proponent for Canada to adopt an open banking regime that could increase competition.
Westlake takes on the role as the federal government has committed to move forward on the open banking file.
"We are entering a defining era in the evolution of banking," he said.
The bank had already been nearing the end of its years-long succession process when Moor died at age 65.
Jefferies analyst John Aiken said however that he was still impressed with how quickly the bank was handling the transition.
"This is by far the best case scenario for the bank and the announcement is much sooner than we would have anticipated," he said in a note.
"Mr. Westlake's departure was a blow to EQB given his formulation and execution of the bank's strategy, but his return represents the path of least disruption in terms of execution and operations."
He said the return of the familiar face should leave the bank's trajectory largely unchanged and that a strategic review by the board will no longer be necessary.
Marlene Lenarduzzi, who was named interim president and CEO at EQB, will remain in the job until Westlake joins the company officially.
She will return to her role as chief risk officer once he is in place.
This report by The Canadian Press was first published July 9, 2025.
Companies in this story: (TSX:EQB, TSX:OTEX)
Ian Bickis, The Canadian Press
