June 15, 2020 / 12:34 PM / 25 days ago

Laurentian Bank CEO François Desjardins to step down

(Reuters) - Laurentian Bank of Canada said on Monday Chief Executive Officer François Desjardins will retire after 29 years with the company, effective June 30.

The bank said Stéphane Therrien, who currently serves as executive vice president of personal & commercial banking, will take over as interim president and CEO.

The lender said its board has established a special committee to immediately undertake the search for a new president and CEO.

Laurentian Bank cut its second-quarter dividend by 40% in May, citing a highly uncertain economic environment after the COVID-19 outbreak, even as other Canadian banks pledged to maintain payouts through the crisis.

Reporting by C Nivedita; Editing by Ramakrishnan M.

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