Toronto-based Bank of Nova Scotia announced the appointment of two new senior executives on Thursday.
Effective Sept. 1, 2010, Stephen Hart will be chief risk officer for the bank. Hart replaces Rob Pitfield who is retiring after 30 years with Scotia. Pitfield will continue to work at the bank until January 2014 to assist in Hart’s transition into his new role.
Hart has worked with Scotiabank for 35 years and currently holds the position of executive vice president and chief credit officer. As part of his role as credit officer, Hart oversees the global management of credit risk for Scotia and chairs several credit committees including Canadian Banking, International Banking and Global Banking and Markets.
Terry Fryett will replace Hart as executive vice president and chief credit officer. Currently, Fryett, a Scotia employee for 36 years, is a senior vice president with global risk management and is responsible for overseeing commercial and corporate credit risk in Latin American markets.