Scotiabank announced on 18 November 2025 the appointment of Phil Thomas as Group Head and Chief Strategy and Operating Officer, and Shannon McGinnis as Chief Risk Officer. Both executives will assume their new responsibilities on 2 December 2025. The appointments form part of a broader reshuffling of the Canadian bank's senior leadership team, as management continues to refine the organisational structure required to deliver on its medium-term strategic priorities across domestic and international markets.
Phil Thomas moves into the combined strategy and operating role, succeeding Anique Asher in overseeing two functions that have become increasingly integrated as large financial institutions seek closer alignment between long-term strategic planning and day-to-day operational execution. His appointment to a group head level position places him among the most senior members of Scotiabank's management committee and gives him direct access to the bank's core strategic decision-making forums.
THOMAS TO LEAD COMBINED STRATEGY AND OPERATIONS
The consolidation of strategy and operations under a single Group Head reflects an organisational model that a number of major banks have adopted in recent years to ensure that transformation programmes, technology investment decisions, and business-line management are coordinated through a unified point of accountability. Thomas's mandate will encompass both the formulation of Scotiabank's strategic direction and the operational disciplines required to deliver it consistently across the bank's domestic Canadian franchise and its significant Latin American footprint.
Anique Asher, who previously held responsibilities in a related capacity, transitions out of the position as part of the broader leadership changes. The elevation of the combined role to Group Head level suggests Scotiabank's leadership views strategy and operations alignment as central to its near-term execution agenda, particularly as the bank navigates a period of targeted investment in key markets and continued focus on expense discipline.
Thomas brings to the role a thorough understanding of Scotiabank's internal operations and strategic agenda, accumulated through his work across the group's various business and corporate functions. This familiarity positions him to move quickly on the near-term priorities identified by President and Chief Executive Officer Scott Thomson, without the learning curve that an external appointment would require. The 2 December effective date gives both appointees adequate time to prepare for and plan their transitions before assuming their expanded responsibilities.
MCGINNIS ASSUMES CHIEF RISK OFFICER RESPONSIBILITIES
Shannon McGinnis has been named as Scotiabank's new Chief Risk Officer, a role that sits at the apex of the bank's risk governance framework. The CRO holds oversight responsibility for credit risk, market risk, operational risk, compliance risk, and related control functions across an institution of Scotiabank's scale and geographic complexity, which encompasses Canadian retail and commercial banking, a significant international footprint concentrated in Latin America, global capital markets operations, and wealth management activities.
The appointment of McGinnis reflects the premium Scotiabank places on experienced risk leadership at a time when the macroeconomic environment—characterised by shifting interest rates, evolving credit conditions in key markets, and heightened geopolitical and trade uncertainty—requires rigorous and proactive management of the bank's risk profile. Both Thomas and McGinnis are expected to work closely with Thomson and the broader executive team as the bank advances its strategic plan through 2026.