EQB Inc. Announces Transition in Finance Leadership Team

On February 25, 2025, EQB Inc. (TSX: EQB) confirmed that Chadwick Westlake, the Senior Vice President and Chief Financial Officer, will depart from his position effective March 4, 2025. His decision to leave the banking industry comes as he seeks to embrace an exciting new opportunity.

During his tenure of four years, Westlake played a pivotal role in EQB's financial strategies and operations. His leadership has been characterized by an impressive record of achievements, most notably the successful initiation of Equitable Bank's covered bond program. Additionally, he facilitated the entry of EQB into the limited recourse capital note market and was instrumental in the financial aspects of major acquisitions, including those of Concentra Bank and ACM Advisors. Westlake’s efforts have not only strengthened the company's financial standing but have also positively impacted shareholder engagement and the broader investment community.

Andrew Moor, President and CEO of EQB, expressed his gratitude for Westlake's contributions, stating, "Chadwick's disciplined and highly effective leadership has made a meaningful difference to EQB and our entire team." His departure marks a significant transition for the company as it prepares for future endeavors.

In response to the leadership shift, EQB is committed to maintaining continuity in its financial management. The company plans to appoint a new Chief Financial Officer soon and will leverage its internal talent pool within finance and treasury to ensure a smooth transition. David Wilkes, who has been with EQB since 2022 and currently serves as Vice President and Head of Finance, will continue to spearhead key responsibilities in the finance function.

Wilkes brings a wealth of experience to his role, having held various senior positions, which includes significant experience in corporate development, investor relations, mergers and acquisitions, as well as financial and regulatory reporting. Prior to his time at EQB, he was a partner at McKinsey & Company, where he helped financial services clients across North America in areas such as corporate strategy and performance optimization. His academic background, which includes a BASc in Engineering Science from the University of Toronto and an MBA from Wharton, further complements his expertise in financial management.

Additionally, Tim Charron, Vice President and Treasurer, will now report directly to Moor. Charron has amassed over 25 years of experience in the financial industry, with eight of those years spent at Equitable Bank. During his tenure, he established a robust treasury function that positioned the bank as a leader in the sector. Before joining EQB, Charron was responsible for treasury and balance sheet management at TD Bank, overseeing significant global capital and risk strategies.

In addressing the leadership transition, Moor reassured stakeholders of EQB's robust future trajectory. He expressed confidence in the ability of the existing finance team, stating, "I am confident in EQB's future and clear vision for growth under the experienced guidance of our world-class team." Moor looks forward to partnering with Wilkes, Charron, and the broader finance team to enhance EQB's performance while reinforcing its mission of driving positive change in Canadian banking.

EQB Inc. aims to enrich people's lives through innovative financial solutions. As a leading digital financial services company, it manages $132 billion in combined assets and provides diverse banking services through its wholly owned subsidiary, Equitable Bank, which ranks as Canada’s seventh largest bank by assets. The company’s endeavor to challenge conventional banking practices has positioned it favorably among over 700,000 customers and more than six million credit union members.

For further information about EQB Inc. and its latest developments, please visit their investor relations page at eqb.investorroom.com.