Chadwick Westlake to become president and CEO of EQB in August

TORONTO - EQB Inc. (TSX:EQB), a financial institution currently valued at $2.87 billion with a P/E ratio of 10.44, announced Wednesday that Chadwick Westlake will be appointed President and CEO effective August 25, 2025, following a succession plan that was in development for several years.

Westlake, who previously served as CFO at EQB, will succeed the late Andrew Moor and also join the company’s Board of Directors. Marlene Lenarduzzi will continue as interim President and CEO until Westlake assumes the role, after which she will return to her position as Chief Risk Officer.

"Chadwick possesses all the leadership qualities and skill sets the board identified as necessary to take EQB to the next level," said Vincenza Sera, Chair of the Board, in a press release statement.

During his previous tenure at EQB from 2020 to March 2025, Westlake oversaw corporate strategy, treasury operations, investor relations, finance functions and legal affairs. He played a key role in the acquisition of Concentra Bank, the addition of ACM Advisors, and the expansion of Equitable Bank’s capital markets capabilities.

Before joining EQB, Westlake spent 18 years at Scotiabank in progressively senior roles across various divisions. Most recently, he has been serving as Executive Vice President & CFO at OpenText Corporation.

EQB, which operates through its wholly owned subsidiary Equitable Bank, is Canada’s seventh largest bank by assets with $134 billion in combined assets under management and administration as of April 30, 2025. According to InvestingPro data, the bank maintains a solid dividend yield of 2.06% and has consistently paid dividends for 22 consecutive years, demonstrating strong financial stability. For deeper insights into EQB’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.

The appointment follows a selection process that was guided by a special committee led by Board Director Susan Ericksen with assistance from a global recruitment firm. While EQB maintains an overall "GOOD" financial health score according to InvestingPro analysis, recent data shows some challenges ahead, with 8 analysts revising their earnings forecasts downward for the upcoming period. Subscribers to InvestingPro can access 10 additional key insights about EQB’s financial outlook and market position.

In other recent news, EQB Inc reported its second-quarter earnings for 2025, revealing an earnings per share (EPS) of $2.31, which did not meet analysts’ expectations of $2.68. However, the company managed to slightly surpass revenue forecasts, reporting $315.95 million against the expected $312.92 million. BMO Capital Markets has adjusted its outlook for EQB Inc, lowering the price target from Cdn$119.00 to Cdn$115.00 while maintaining an Outperform rating. This revision is attributed to the company’s challenges with elevated credit provisioning and an increase in impaired loans. EQB Inc’s management has expressed that achieving double-digit loan growth over the next 6 to 12 months will be challenging. Despite these hurdles, EQB Inc has seen a 3% sequential growth in net interest income and a 23% year-over-year increase in EQ Bank customers. Analysts from BMO Capital have noted that the stock offers a margin of safety, trading slightly above book value, which is lower than its long-term average. The company is also preparing for potential open banking implementation, which could drive future growth.

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