Scotiabank announced yestedday that Richard. Waugh has been appointed to the position of president, effective immediately. Waugh is currently vice chairman, wealth management and international banking.

Waugh will also be joining the bank’s board of directors.

Waugh began his career with Scotiabank in Winnipeg in 1970 and has served in the bank’s investment, corporate, international, and retail and commercial areas. He became senior vice president of North American corporate banking in 1983, senior vice president at the bank’s New York Agency in 1985 and then executive vice president in New York in 1991.

He returned to Toronto to serve as senior executive vice president of corporate banking in 1993. Waugh was named vice chairman in 1995 and was appointed to his current role in 1998.

“Rick has very broad-based experience in virtually all areas of the bank. He’s a strong results-oriented leader, with more than three decades at Scotiabank,” said. Peter Godsoe, Chairman and CEO, in a news release.

Godsoe remains Scotiabank’s chairman and CEO. The bank will make a further announcement on succession plans later this year that will see Godsoe step down as CEO, but continue on as chairman of the board for a further period of time. It is the board’s intention to appoint a non-executive chairman of the board, following Godsoe’s retirement as chairman.