Tangerine CEO Peter Aceto steps down
Source: http://business.financialpost.com/news/ ... eplacementThe Bank of Nova Scotia’s online platform, Tangerine, has a new chief executive at the helm.
The company announced on Wednesday that Peter Aceto, who has been its CEO since 2008, will be succeeded by longtime executive Brenda Rideout, effective on March 1.
“It has been an honour to be part of Tangerine and I am proud of what we have accomplished for our clients,” said Aceto in a statement on Wednesday.
“Tangerine’s success is due in large part to the strength of its team. Brenda is an exceptional leader and is the right person to lead the organization and deepen the relationship it has with its customers.”
Aceto had been with the organization, formerly called ING Direct, for more than 20 years.
“As it has successfully transitioned from a niche savings bank to one that offers a full suite of products, he decided that it was the right time to think about opportunities outside of Tangerine,” a Tangerine spokesperson said in an email to the Financial Post. “He is not remaining in another capacity.”
Rideout joined the company 17 years ago, and “has led many of the bank’s most strategic initiatives including the launch of several direct banks internationally under ING Group, the brand transition to Tangerine and has been instrumental in growing the bank’s Canadian presence.”
James McPhedran, executive vice president, Canadian banking, at Scotiabank, said Rideout is “an extremely talented, experienced and capable leader.”
“We congratulate her on this important appointment,” he said in a statement. “We also thank Peter for his dedication and wish him well in his future endeavours.”
Rideout said she was “excited to lead Tangerine.”
“It has been a pleasure working with Peter,” said Rideout. “He’s a tremendous leader and has been an important part of Tangerine’s success. On behalf of the team, I’d like to thank him for his vision and leadership.”
ING Direct Canada was launched in Canada in 1997 and it was bought by Scotiabank from ING Groep NV in 2012 for $3.1 billion. Tangerine now operates independently as a wholly-owned subsidiary, and has more than 2 million clients and close to $38-billion in total assets.