Laurentian Bank announced on Monday that it has appointed Eric Provost as its new president and CEO, replacing Rania Llewellyn in the top job effective immediately.
The move comes after Laurentian suffered a mainframe outage last week during a planned IT maintenance update.
The company maintains its customer data and financial information remained secure at all times.
Provost's immediate priority will be to rebuild trust with the bank's customers and address the impacts of the outage, the bank stated.
In response to the disruption, the bank revealed that it will reverse all monthly service fees for the month of September as soon as possible.
As well, a number of Laurentian Bank branches will be open to serve clients today, even though it is a statutory federal holiday, and branch hours will be extended for the remainder of this week.
Llewellyn’s appointment as Laurentian Bank’s CEO in 2020 made history as she became the first woman to lead a major Canadian chartered bank.
Provost was most recently Laurentian's group head of personal and commercial banking.
Last month, Laurentian completed its review of strategic options, but failed to find a buyer for its operations.
Shares of Laurentian Bank fell nearly 5% to $28.90 in midday trading on Monday.
Contact Sean at sean@proactiveinvestors.com