Richard E. Waugh

Richard E. Waugh (born 1947) is a Canadian banking executive. Born in Winnipeg, Manitoba, he is the Deputy Chairman of Scotiabank, and an Officer of the Order of Canada.[1] He was the Chief Executive Officer of Scotiabank,[2] between 2004 and 2013.[3]

Richard E. Waugh
Born1947
CitizenshipCanadian
OccupationBanker

Career

In 2007, he was appointed by government officials to offer his views at summit talks regarding business prospects in Latin America.[4] Waugh publicly advocated for more transparent rules regarding foreign takeovers of Canadian businesses in 2010.[5] Waugh was cited as having the highest CEO pay increase of 29% in 2009 during the Great Recession. He earned C$9.7 million in 2009, including salary, bonus, and equity-linked compensation, according to Bloomberg News.[6] During his tenure the bank experienced growth, in addition to the impact of fraud allegations during its efforts at international expansion. According to the Globe and Mail, Waugh was considered successful at increasing his bank's profit margin, however, "He has been dubbed a micro-manager who put a lot of pressure on his top lieutenants, with one source describing his management style as "bad parenting"."[7] He retired in 2013.[8] Waugh later became the chair of the York University Board of Governors. In 2018, several of the faculties and students associations at York issued votes of non-confidence in his leadership during a lengthy teachers strike.

Education

He obtained his undergraduate degree from the University of Manitoba. He holds an MBA and an Honorary Doctor of Laws degree from York University's Schulich School of Business.[9]

References
  1. http://www.scotiabank.com/ca/en/0,,540,00.html
  2. CanWest News Service (July 17, 2007). "Canada offers unique style of leadership in Americas, PM tells Chile". Canada.com. Archived from the original on November 9, 2012. Retrieved 2010-01-06. “I think it’s just great that Canada’s showing some leadership in Latin America,” said Richard Waugh, the President and CEO of Toronto-based Scotiabank,
  3. "Scotiabank:Richard E. Waugh, Chief Executive Officer". Globe Investor. Retrieved 18 March 2013.
  4. CanWest News Service (August 20, 2007). "Three Amigos launch summit talks amid protests". Canada.com. Archived from the original on June 24, 2008. Retrieved 2010-01-06. The Canadian members of the council, each appointed by Ottawa last summer, are ... and Richard Waugh, of Scotiabank.
  5. News Services (November 6, 2010). "BHP bid shows Canada needs clear rules: Waugh". Nanaimo Daily News. Retrieved 2010-01-06. Canada needs clear rules on foreign takeovers after the federal government blocked BHP Billiton Ltd.'s hostile bid for Potash Corp. of Saskatchewan Inc., Bank of Nova Scotia chief executive Richard Waugh said.
  6. Sean B. Pasternak, Bloomberg (March 5, 2010). "Canadian bank CEO pay rises 10% as TD, Royal top Goldman Sachs". Canada.com. Retrieved 2010-01-06. Bank of Nova Scotia CEO Richard Waugh was awarded the biggest increase, 29 percent, followed by ... Amid the worst financial crisis since the Great Depression, Canadian banks remained profitable last year, largely avoiding debt-related write-downs as stock prices for the eight publicly traded lenders increased. ... Bank of Nova Scotia ... awarded CEO Waugh C$9.7 million in 2009, including a salary, bonus and equity-linked compensation.
  7. Tim Kiladaze (October 31, 2013). "Scotiabank's Rick Waugh: Perfect timing and a tough act to follow". Globe and Mail.
  8. https://www.winnipegfreepress.com/business/from-bank-teller-to-bay-st-boardroom-229357731.html
  9. "Bank Of Nova Scotia". Bloomberg Businessweek. Retrieved 17 June 2013.


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