Rick Waugh became President in January 2003, a director in March 2003, and Chief Executive Officer in December 2003. He is currently responsible for advancing the Bank's strategies and fostering and building its culture.

Rick began his career with Scotiabank in Winnipeg in 1970 as a branch employee and, over the years, has served in the Bank's investment, corporate, international and retail banking areas. In 1985, he moved to New York as the most Senior Executive in the U.S. and played a pivotal role in the development and expansion of the Bank's U.S. operations.

Rick returned to Toronto in 1993 to serve as Senior Executive Vice-President, Corporate Banking, responsible for Global Corporate Banking. He was appointed Vice-Chairman, Corporate Banking, in 1995, and Vice-Chairman, International Banking and Wealth Management in 1998.

Rick currently serves on the Board of Directors of the Bank, as well as the Boards of several of Scotiabank's international subsidiaries. He has a Bachelor of Commerce (Honours) from the University of Manitoba and a Master of Business Administration from York University. He is also a Fellow of the Institute of Canadian Bankers.

Rick and his wife, Lynne, have three children.