Personal Finance

Tangerine CEO Peter Aceto steps down

  • Last Updated:
  • Feb 27th, 2017 8:18 pm
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Tangerine CEO Peter Aceto steps down

Guess he is tired of being a puppet that's controlled by Scotia.
The 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.

Financial Post
Source: http://business.financialpost.com/news/ ... eplacement
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Feb 25, 2014
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Jan 12, 2017
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wonder if they will continue with promotional interest rate offers
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Let the RFD speculation and neurosis begin.
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It's rare for a CEO to survive this long after a buyout, so he actually did pretty well for himself. Not that I think very highly of Tangerine's performance under his guidance.
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NoWynne2018 wrote: wonder if they will continue with promotional interest rate offers
Hoping they will :lol:
Faith24 wrote: It's rare for a CEO to survive this long after a buyout, so he actually did pretty well for himself.

Not that I think very highly of Tangerine's performance under his guidance.
Well it was pretty good during the ING times.

Although he is the CEO of Tangerine, i doubt he has a lot of say tbh. If Scotia wants something done he can voice his opinion, but he probably can't say no. So it's hard to blame it just on him.
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Moved all my funds out of tangerine.. they are no longer competitive in any products
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Feb 13, 2009
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The only reason that I'm still using Tangerine is because of the free chequing account w/o minimums (and the occasional savings rate promos).
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Feb 22, 2017
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Tangerine will be introducing fees to their accounts in April. Also. they'll be increasing existing fees. Chequing account NSF going from $25 to $45 and an order of cheques going from $12 to $40.
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Mar 11, 2007
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ferkel wrote: Moved all my funds out of tangerine.. they are no longer competitive in any products
no longer competitive in any product? lol

free chequing account, great cc, performing mutual fund and the ability to move money around for free for 3 external account.

Yup sure no longer competitive...
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angel_wing0 wrote: ...you are making this up right?
they added a forex fee for the sears mc holders. It's believable.
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BoucherJer85 wrote: Tangerine will be introducing fees to their accounts in April. Also. they'll be increasing existing fees. Chequing account NSF going from $25 to $45 and an order of cheques going from $12 to $40.
If true and Scotia are really forcing Tangerine to start charging a monthly fee for their chequing account it would explain his departure and why it would be voluntary, they promised to allow Tangerine to run independently and this demand would break that promise.

Even if they waive the fee but require $1K+ in chequing deposits to do so it would result in thousands closing their chequing accounts with them and would drive them right into EQ's welcoming arms.
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scoper wrote: If true and Scotia are really forcing Tangerine to start charging a monthly fee for their chequing account it would explain his departure and why it would be voluntary, they promised to allow Tangerine to run independently and this demand would break that promise.

Even if they waive the fee but require $1K+ in chequing deposits to do so it would result in thousands closing their chequing accounts with them and would drive them right into EQ's welcoming arms.
Where did anyone say they would charge a monthly fee for a chequing account?

If they charge more for an NSF fee then expect other similar banks to quietly do the same thing. Secondly, why would anyone in their right mind got the NSF mark and if there is that chance, get overdraft protection. Although I don't have it on mine, all I use tangerine for is a CC and the chequing account to pay my rent, but why? My cheques were free and RBC wanted $60+ for a book of cheques...
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Feb 22, 2017
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angel_wing0 wrote: ...you are making this up right?
Unfortunately not.

I have friends that work for Tangerine. Employees have been made aware. They are supposed to be getting it quiet until further information is known.

Only two reasons I can think of as to why Mr. Aceto would step down:

1) He didn't want to face the backlash from customers when the fees go into affect.
2) He didn't want no part of adding fees but bigwigs at ScotiaBank get the final word.
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BoucherJer85 wrote: Unfortunately not.

I have friends that work for Tangerine. Employees have been made aware. They are supposed to be getting it quiet until further information is known.

Only two reasons I can think of as to why Mr. Aceto would step down:

1) He didn't want to face the backlash from customers when the fees go into affect.
2) He didn't want no part of adding fees but bigwigs at ScotiaBank get the final word.
Good thing I use PCF. I will close my Tangerine account if this happens.
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Poutinesauce wrote: Good thing I use PCF. I will close my Tangerine account if this happens.
Yea every one should do that. But I havr rrsp loan already :(
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Damn if Tangerine starts charging fees, they are going to see the highest account close rate of any banks in Canada...ever.

They should think long and hard about this, no one in their right mind would stay with a bank that has no physical locations really and charges fees for an account.
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Oct 31, 2009
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redkulat wrote: Damn if Tangerine starts charging fees, they are going to see the highest account close rate of any banks in Canada...ever.

They should think long and hard about this, no one in their right mind would stay with a bank that has no physical locations really and charges fees for an account.
Twist: Tangerine starts charging fees and he joins PCF.

Jokes aside, I'll open a PCF account the second they want to charge fees as an online bank.

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