Richard E. Waugh

{{Infobox person

| birth_date = {{Birth date and age|1947|12|23|df=y}}

| spouse = {{marriage|Lynne April|1974}}

| education = University of Manitoba (BCom 1970)
York University (MBA 1974)

}}

Richard Earl Waugh (born 23 December 1947) is a Canadian banking executive. Born in Winnipeg, Manitoba, he is the Deputy Chairman of Scotiabank, and an Officer of the Order of Canada.http://www.scotiabank.com/ca/en/0,,540,00.html {{Webarchive|url=https://web.archive.org/web/20131129034707/http://www.scotiabank.com/ca/en/0,,540,00.html |date=2013-11-29 }} He was the chief executive officer of Scotiabank,{{cite news|author= CanWest News Service|title= Canada offers unique style of leadership in Americas, PM tells Chile|publisher= Canada.com|quote= “I think it’s just great that Canada’s showing some leadership in Latin America,” said Richard Waugh, the President and CEO of Toronto-based Scotiabank,|date= July 17, 2007|url= http://www.canada.com/topics/news/politics/story.html?id=3bf0230c-ee24-4437-81d4-2f9b97bfb057&k=68287|accessdate= 2010-01-06|url-status= dead|archiveurl= https://web.archive.org/web/20121109183128/http://www.canada.com/topics/news/politics/story.html?id=3bf0230c-ee24-4437-81d4-2f9b97bfb057&k=68287|archivedate= November 9, 2012}} between 2004 and 2013.{{cite web|url=http://www.globeinvestor.com/servlet/AppNoticeArticleHTMLTemplate?tf=GlobeInvestor/AppNotices/DisplayNotice.html&cf=GlobeInvestor/AppNotices/config-neutral.cfg&slug=Waugh&date=20040128|title=Scotiabank:Richard E. Waugh, Chief Executive Officer|publisher=Globe Investor|accessdate=18 March 2013}}

Career

In 2007, he was appointed by government officials to offer his views at summit talks regarding business prospects in Latin America.{{cite news|author= CanWest News Service|title= Three Amigos launch summit talks amid protests|publisher= Canada.com|quote= The Canadian members of the council, each appointed by Ottawa last summer, are ... and Richard Waugh, of Scotiabank.|date= August 20, 2007|url= http://www.canada.com/ottawacitizen/features/montebello/story.html?id=03919ebf-88c2-438e-81a6-4ad0914e2ad1|accessdate= 2010-01-06|url-status= dead|archiveurl= https://web.archive.org/web/20080624084454/http://www.canada.com/ottawacitizen/features/montebello/story.html?id=03919ebf-88c2-438e-81a6-4ad0914e2ad1|archivedate= June 24, 2008}} Waugh publicly advocated for more transparent rules regarding foreign takeovers of Canadian businesses in 2010.{{cite news|author= News Services|title= BHP bid shows Canada needs clear rules: Waugh|newspaper= Nanaimo Daily News|quote= Canada needs clear rules on foreign takeovers after the federal government blocked BHP Billiton Ltd.'s hostile bid for Potash Corp. of Saskatchewan Inc., Bank of Nova Scotia chief executive Richard Waugh said.|date= November 6, 2010|url= http://www2.canada.com/nanaimodailynews/news/story.html?id=3788405|accessdate= 2010-01-06}} Waugh was cited as having the highest CEO pay increase of 29% in 2009 during the Great Recession. He earned C$9.7 million in 2009, including salary, bonus, and equity-linked compensation, according to Bloomberg News.{{cite news|author= Sean B. Pasternak, Bloomberg|title= Canadian bank CEO pay rises 10% as TD, Royal top Goldman Sachs|publisher= Canada.com|quote= Bank of Nova Scotia CEO Richard Waugh was awarded the biggest increase, 29 percent, followed by ... Amid the worst financial crisis since the Great Depression, Canadian banks remained profitable last year, largely avoiding debt-related write-downs as stock prices for the eight publicly traded lenders increased. ... Bank of Nova Scotia ... awarded CEO Waugh C$9.7 million in 2009, including a salary, bonus and equity-linked compensation.|date= March 5, 2010

|url= http://www.canada.com/business/Canadian+bank+rises+Royal+Goldman+Sachs/2645006/story.html|accessdate= 2010-01-06}} During his tenure the bank experienced growth, in addition to the impact of fraud allegations during its efforts at international expansion. According to the Globe and Mail, Waugh was considered successful at increasing his bank's profit margin, however, "He has been dubbed a micro-manager who put a lot of pressure on his top lieutenants, with one source describing his management style as "bad parenting".{{cite news |url=https://www.theglobeandmail.com/report-on-business/scotiabanks-rick-waugh-perfect-timing-and-a-tough-act-to-follow/article15199012/ |title=Scotiabank's Rick Waugh: Perfect timing and a tough act to follow |newspaper=Globe and Mail |author=Tim Kiladaze |date=October 31, 2013}} He retired in 2013.{{Cite news|last=Cash|first=Martin|date=2013-10-26|title=Oct 2013: From bank teller to Bay St. boardroom|language=en-CA|work=Winnipeg Free Press|url=https://www.winnipegfreepress.com/business/from-bank-teller-to-bay-st-boardroom-229357731.html|access-date=2021-09-17}} Waugh later became the chair of the York University Board of Governors. In 2018, several of the faculties and students associations at York issued votes of non-confidence in his leadership during a lengthy teachers strike.{{Citation needed|date=June 2019}}

Education

He obtained his undergraduate degree from the University of Manitoba. He holds an MBA and an Honorary Doctor of Laws degree from York University's Schulich School of Business.{{cite magazine|url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=4182988&ticker=BNS|archive-url=https://archive.today/20130617221720/http://investing.businessweek.com/research/stocks/people/person.asp?personId=4182988&ticker=BNS|url-status=dead|archive-date=June 17, 2013|title= Bank Of Nova Scotia|magazine=Bloomberg Businessweek|accessdate=17 June 2013}}

References

External links

[http://www.scotiabank.com/cda/content/0,1608,CID8452_LIDen,00.html Profile of Richard E. Waugh at Scotiabank.com]

Category:Scotiabank presidents

Category:Living people

Category:Businesspeople from Winnipeg

Category:Schulich School of Business alumni

Category:Directors of Scotiabank

Category:Canadian chairpersons of corporations

Category:Canadian chief executives

Category:1947 births

Category:University of Manitoba alumni