National Bank says that Louis Vachon will become president and CEO of the bank, effective June 1.

Vachon, 44, has been chief operating officer of National Bank since July 2006 and a member of the board of directors since that date. His appointment as president and CEO was announced yesterday following a meeting of the board.

His appointment follows the personal decision of Real Raymond, 56, president and CEO since 2002 and an employee of National Bank for the last 37 years, to retire on June 1 after a highly successful career.

Raymond will remain a director until May 31, after which he will serve as a special advisor to the bank on a part-time basis for the following 12 months.

Jean Douville, chairman of the board of indicated that the transition of executive power is in line with the bank’s succession plan. He expressed his satisfaction that once again, National Bank has been able to provide for the orderly and harmonious succession of its CEO, from within its own ranks.

“In his various positions with the bank, Mr. Vachon has demonstrated both strategic vision and an ability to mobilize resources to attain his objectives,” said Douville. “We are highly confident that he will lead the bank to new heights. At the same time, the board applauds Real Raymond’s outstanding performance as leader of this institution and we extend our sincere gratitude to him for the major contributions he has made to the success of National Bank.”

Vachon has held senior management positions with the bank during 15 years. Prior to accepting the role as COO, he was chairman and CEO of the board of National Bank Financial Group. He was previously senior vp, treasury and financial markets. From 1986 to 1990, he worked at Levesque Beaubien, which later became National Bank Financial.

“I am pleased to have a few months to plan for taking office as CEO,” said Vachon, “and that I will continue to benefit from a close working relationship with Real Raymond, even after he has turned over the reins of the business to me. He leaves behind a great legacy.”