EQB Inc., the parent company of Equitable Bank and Canada's self-described Challenger Bank, appointed Chadwick Westlake as President and Chief Executive Officer effective 25 August 2025, concluding a formal multi-year succession process that began following the passing of long-serving former CEO Andrew Moor. Westlake succeeds interim chief executive Marlene Lenarduzzi, who stepped into the role during the transitional period and provided continuity while the board conducted its search, and he becomes the first permanent chief executive of the organisation to be appointed since Moor's death.

EQB described the appointment as the culmination of a succession plan that had been in development over multiple years, reflecting the board's desire to ensure continuity of strategic direction and to select a leader with deep familiarity with the institution's business model, balance sheet, and competitive positioning. The decision to promote from within the group's executive talent pool reflects a preference for institutional knowledge and cultural continuity over a broad external search at a time when the bank is executing on an ambitious growth strategy in the Canadian market.

Westlake served as EQB's Chief Financial Officer from 2020 to March 2025, a period during which the bank continued to grow its alternative mortgage, savings, and small business banking products and significantly accelerated the development of its EQ Bank digital platform. His five-year tenure as CFO gave him direct and detailed oversight of the group's capital management, funding strategy, regulatory capital compliance, and financial reporting — a set of responsibilities that provides a strong and well-grounded foundation for the considerably broader strategic and operational remit he now assumes as permanent chief executive.

Westlake served as EQB's Chief Financial Officer from 2020 to March 2025, a period during which the bank continued to grow its alternative mortgage, savings, and small business banking products and accelerated the development of its EQ Bank digital platform. His five-year tenure as CFO gave him direct oversight of the group's capital management, funding strategy, regulatory capital compliance, and financial reporting — responsibilities that provide a strong foundation for the broader strategic and operational remit he now assumes as chief executive.

Equitable Bank markets itself as Canada's Challenger Bank, a positioning that differentiates it from the country's six major chartered banks by emphasising competitive deposit rates, flexible mortgage products, and a digital-first customer experience designed to serve Canadians who prefer to manage their banking relationships without visiting physical branches. The bank's EQ Bank digital platform has grown its registered user base significantly in recent years, benefiting from the increasing comfort of Canadian consumers with holding primary banking relationships at institutions that operate entirely online and invest their savings in superior rate offerings rather than branch network maintenance.

EQB AND THE CHALLENGER BANK PROPOSITION

Equitable Bank markets itself as Canada's Challenger Bank, a positioning that differentiates it from the country's six major chartered banks by emphasising competitive deposit rates, flexible mortgage products, and digital-first customer experience. The bank's EQ Bank digital platform has grown its registered user base significantly in recent years, benefiting from the increasing willingness of Canadian consumers to hold primary banking relationships with institutions that operate entirely online rather than through physical branch networks.

Westlake's appointment as permanent chief executive removes a meaningful degree of uncertainty that had accompanied the interim leadership period, providing employees, customers, and investors with a clearly identified leader who carries the institutional authority and strategic mandate to make long-term decisions for the group. The board's selection of an executive with detailed knowledge of EQB's finances, regulatory relationships, and operating model positions the new CEO to maintain the financial discipline and measured risk appetite that have characterised the bank's development as a credible and growing alternative to Canada's major banks.