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Key people

Rick Waugh, President and Chief Executive Officer

Rick Waugh became President and Chief Executive Officer in 2003.

He began his career with Scotiabank in Winnipeg in 1970 as a branch employee and, over the years, has served in the Bank's treasury, corporate, international and retail banking areas. In 1985, he moved to New York as the most senior executive in the U.S.

Rick returned to Toronto in 1993, and was appointed Vice-Chairman, Corporate Banking, in 1995, and Vice-Chairman, International Banking and Wealth Management in 1998. He currently serves on the Board of Directors of the Bank.

Outside the Bank, Rick is a member of the Canadian Council of Chief Executives. He serves on the Board of Directors of the International Monetary Conference (IMC), and was recently elected Vice-President for the 2011 term of office.  He is also Vice-Chair of the Board of the Institute of International Finance (IIF), and serves as a Trustee for the IIF's Principles for Stable Capital Flows in Emerging Markets. Rick is a member of the Council of the Americas, and is on the Chairman's International Advisory Council for the Americas Society. He also serves on the Board of Directors for Catalyst Inc., and is Chair of the Catalyst Canada Advisory Board.  In addition, he serves on the Advisory Council of the Schulich School of Business at York University, the Guanghua School of Management at Peking University and the Canadian Museum of Human Rights, among others.

Rick has long been active in several philanthropic organizations. Among them is the United Way of Greater Toronto, where he was Campaign Chair in 2006, the organization's 50th anniversary. He has also worked extensively with the MS Society, both as Honourary Chair of the endMS Capital Campaign and as a Board member for their Scientific Research Foundation. He is a director of St. Michael's Hospital and Co-Chair of the Hospital's Campaign to build the Li Ka Shing Knowledge Institute. He is also involved with the Miller Thomson Scholarship Foundation and the Pediatric Oncology Group of Ontario (POGO).

Rick holds a Bachelor of Commerce (Honours) degree from the University of Manitoba, a Master of Business Administration from York University, a Fellow of the Institute of Canadian Bankers, and Honorary Doctor of Laws degrees from York University and Assumption University. He was awarded the Merit of Honor, Council of the Americas, for his distinguished contribution to the Americas, and received the 2008 Award of Merit from B’nai Brith Canada. In 2009, he received the Corporate Social Responsibility Award from the Foreign Policy Association in New York and, most recently, he had the Order of Merit conferred upon him by the President of the Dominican Republic for distinguished service to the country.

Rick and his wife have three sons.

Sarabjit (Sabi) S. Marwah, Vice-Chairman and Chief Operating Officer

As Vice-Chairman and Chief Operating Officer for Scotiabank since 2008, Sarabjit (Sabi) Marwah is responsible for the Bank's corporate financial and administrative functions, and is actively involved in developing the Bank's strategic plans and priorities.

Sabi joined Scotiabank in Toronto as a financial analyst in the Bank's Finance Division in 1979. Over the years, he held successively more senior positions within the Finance Department, including Deputy Comptroller, Senior Vice-President and Comptroller, and Executive Vice-President. He was appointed CFO in 1998 and Senior Executive Vice-President & CFO in 2002. During his tenure in Finance, he was also responsible for several functions outside the Finance Division, and was actively involved in many of the Bank's strategic decisions, including acquisitions both in Canada and internationally. He became Vice-Chairman and Chief Administrative Officer in 2005.

Sabi is a member of the Board of Trustees of The Hospital for Sick Children and Cineplex Entertainment. He serves on the Ontario Selection Committee for Rhodes Scholars, and is a member of the Board of Directors of several Scotiabank subsidiaries. He was a member of the 2008 and 2009 United Way Cabinet and is active in several community organizations. He is Past Chair of the Humber River Regional Hospital, Director of the C.D. Howe Institute and was awarded the Queen's Golden Jubilee Medal for his contributions to Canada.

Sabi earned an undergraduate Honours degree in Economics, a Master's degree in Economics, and a Master of Business Administration (Finance) from the University of California, Los Angeles (UCLA). He and his wife, Amrin, have two daughters.

Stephen P. Hart, Executive Vice-President, Chief Credit Officer

As Executive Vice-President, Chief Credit Officer for Scotiabank, Stephen Hart oversees the global management of credit risk for the Bank, including chairing the key credit committees for Canadian Banking, International Banking and Scotia Capital.

Mr. Hart joined Scotiabank in 1978 as part of a newly created Chairman’s staff unit, and has held a variety of senior positions in the United States and Canada in both origination and credit adjudication in corporate lending. He was a Relationship Manager based in Chicago in the early 1980s, and headed up the Corporate Banking unit in Ontario in the 1990s. Since 1999, he has been in Global Risk Management; initially as Senior Vice-President, Corporate Credit, and then as Senior Vice-President & Head, Credit Risk, prior to his most recent appointment in October 2008.

Mr. Hart has an engineering degree (BApSc) in geophysics from the University of Toronto and an MBA in finance from McMaster University. He and his wife, Marion, have three daughters.