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Tangerine’s chief strategy officer named new CEO

A Tangerine bank branch is pictured in downtown Vancouver.

Ben Nelms/The Globe and Mail

Tangerine Bank has named Brenda Rideout to be its next chief executive officer, as long-time head Peter Aceto steps aside and the digital bank continues to shake up its senior ranks.

Ms. Rideout is a 17-year veteran of the bank, formerly known as ING Bank of Canada, who served most recently as chief strategy officer. She will take over Tangerine's top job on March 1.

"I'm excited to lead Tangerine," Ms. Rideout said in a statement that also thanked Mr. Aceto for his leadership. "It has been a pleasure working with Peter."

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The change in leaders marks the end of Mr. Aceto's 20-year career with Tangerine. He has served as CEO since 2008, steering its acquisition by Bank of Nova Scotia for $3.1-billion in 2012. Under his watch, the bank amassed more than two million clients and nearly $38-billion in total assets, while rebranding from ING to Tangerine under its recognizable orange colour scheme.

"It has been an honour to be part of Tangerine and I am proud of what we have accomplished for our clients," Mr. Aceto said in a statement. "Tangerine's success is due in large part to the strength of its team. Brenda is an exceptional leader and is the right person to lead the organization."

Ms. Rideout has also served as Tangerine's chief marketing officer, chief information officer and chief technology and operations officer.

Ms. Rideout has a chance to put her stamp on the online-focused bank, which has undergone several changes in its senior staff over the last year. Chief operating officer Ian Cunningham left the company earlier this month, less than two and a half years after joining it, having reshuffled some senior managers under his watch starting last year. Chief information officer Charaka Kithulegoda also departed last July, before taking a new job as head of digital at ATB Financial.

"Brenda is an extremely talented, experienced and capable leader and we congratulate her on this important appointment," said James McPhedran, executive vice-president of Canadian banking at Scotiabank, in the same statement. "We also thank Peter for his dedication and wish him well in his future endeavours."

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About the Author
Banking Reporter

James Bradshaw is banking reporter for the Report on Business. He covered media from 2014 to 2016, and higher education from 2010 to 2014. Prior to that, he worked as a cultural reporter for Globe Arts, and has written for both the Toronto section and the editorial page. More

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