Laurentian Bank of Canada today announced that Réjean Robitaille becomes president and CEO, effective immediately. He succeeds Raymond McManus who announced, last June, his intention to retire.

“Réjean Robitaille is a leader whom we completely trust to ensure continuity and development of the Bank”, said Board Chairman Denis Desautels. “All members of the Board are enthusiastic at the prospect of working with Réjean to achieve the bank’s goals.”

Robitaille joined Laurentian Bank in 1988. A chartered accountant by profession, he quickly moved up the corporate ladder to become senior executive vp, retail and commercial financial services.

In June 2006, Robitaille was promoted to senior executive vp and chief operating officer, putting him in line to succeed McManus as president.

“I intend to do my utmost to achieve the three major goals of our plan, namely, to increase the Bank’s profitability through internal growth, to enhance our organizational efficiency and to develop our human capital”, said Robitaille, in a news release.

“Réjean knows the bank very well. He’s been working at the Bank for almost 20 years and I am convinced that he is the right person to help us stay the course and to realize the Bank’s full potential,” said McManus.

To ensure a smooth transition, McManus will stay on as a close adviser to Robitaille until February 2, 2007, after which he will retire.