Marlene Lenarduzzi, EQB's Chief Risk Officer, named interim CEO, effective immediately
TORONTO, June 24, 2025 /PRNewswire/ - It is with deep sadness that EQB Inc. (TSX: EQB) announces the unexpected passing of Andrew Moor, the company's President and Chief Executive Officer. The entire EQB team mourns the loss of our colleague and inspired leader and offers sincere condolences to the Moor family.
"Andrew's death is a tragic loss to all of us at EQB and to everyone who had the pleasure of knowing him," said Vincenza Sera, Chair of the Board. "Andrew was a visionary leader and a fierce advocate for change and innovation in banking that benefits all Canadians. As a result of his inspired stewardship of our company, he instilled a culture at EQB that is both forward looking and faithful to the sound principles of prudent banking that engender public trust. He will be missed."
At the time of his passing, Mr. Moor was the longest serving bank CEO in Canada and a consummate professional. More than that, he was a wonderful role model, a dedicated husband and father, and keen supporter of important community and charitable causes that he championed with strong participation by EQB employees.
Permanent CEO succession plan well advanced
Over the course of the last two years, Mr. Moor and the Board were making preparations for his well-deserved retirement as part of EQB's CEO succession plan.
"Our process has considered the profile and skills most critical to leadership of the bank and included evaluations of a number of potential internal and external succession candidates with the assistance of a global recruitment firm," continued Ms. Sera. "We were well-advanced in that process, including with support from Andrew, and plan to make an announcement regarding his long-term successor in the very near term. In the interim, we thank Marlene for stepping in to keep EQB moving forward during this difficult time."
For more information on the company's leadership development and succession planning, please review EQB's Management Information Circular.
Marlene Lenarduzzi named interim CEO
In light of today's announcement, the Board of Directors activated its emergency succession plan and named Marlene Lenarduzzi as interim President and CEO. Ms. Lenarduzzi was also appointed to the board of Equitable Bank and EQB. Ms. Lenarduzzi currently serves as the bank's Chief Risk Officer and has more than 25 years of experience in risk management and banking strategy development, regulatory affairs, risk quantification, operations and execution.
Ms. Lenarduzzi has the full support of the Board and will provide thoughtful and effective leadership to ensure a seamless continuation of the bank's operations.
Mr. Moor created a strong, capable team for the future
Mr. Moor became CEO in 2007 on the eve of the global financial crisis when the organization had 107 employees, $4.4 billion of assets under administration and a limited regional trust company presence. Today, it is Canada's seventh largest bank with $134 billion of combined assets under management and administration, nearly 2,000 employees coast to coast and serves customers as a leading lender to the single family mortgage market and through its leading positions in reverse mortgage, insurance lending, commercial lending and equipment financing markets as well as EQB's ownership interest in ACM Advisors. It is also Canada's largest securitizer of CMHC-insured multi-unit residential mortgages in support of much-needed affordable rental housing.
To capture its organizational purpose of driving change in Canadian banking to enrich people's lives, Mr. Moor positioned Equitable as Canada's Challenger Bank, now with 742,000 customers. It forcefully serves this singular purpose by bringing innovation to the banking market including through EQ Bank, the award-winning all-digital platform launched in 2016 with a growing roster of no-fee, high daily interest savings options. For investors, EQB's total shareholder return over the past 18 years makes it one of the best bank performers in North America, the result of the differentiated capital allocation method embedded in the bank's culture and approach to business.
"Thanks to Andrew's inspired leadership, EQB has the talented people, the high-performance culture and the proven shareholder value creation strategies to excel in his absence," concluded Ms. Sera. "Speaking on the Board's behalf, I have every confidence in the team's ability to continue what Andrew started for the benefit of all stakeholders."
About EQB
EQB Inc. (TSX: EQB) is a leading digital financial services company with $134 billion in combined assets under management and administration (as at April 30, 2025). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 742,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca) its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021.?
Please visit eqb.investorroom.com for more details.?
Investor contact:
David Wilkes
VP and Head of Finance
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Media contact:
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Director, PR & Communications
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SOURCE EQB Inc.
