Laurentian needs to send a message to investors quickly, expert suggests

Following the latest news of a shakeup of Laurentian Bank’s C-suite, one portfolio manager said the bank needs to take steps to reassure its investors in short order.

On Monday, the bank announced Eric Provost, Laurentian’s group head of personal and commercial banking, would take over as president and CEO from Rania Llewellyn effective immediately, following an IT outage last week.

The bank also announced that director Michael Boychuk would replace Michael Mueller as chair of its board of directors.

Bryden Teich, partner and portfolio manager at Avenue Investment Management, said the IT issue reasoning could be a way for the bank to avoid indicating the leadership change was due to its failed strategic review from earlier this year.