TORONTO — A week after a system crash blacked out much of the services offered by Laurentian Bank (TSX:LB), the financial institution announced on Monday the departures of president and CEO Rania Llewellyn and board of directors chair Michael Mueller.
The bank said Monday that Eric Provost, most recently head of personal and commercial banking, has moved into the role of president and chief executive with immediate effect.
Montreal-based Laurentian also said director Michael Boychuk has been appointed chair of its board of directors, replacing Mueller, who resigned from the board.
The bank said on Monday that it had restored most services, but that access might still be slow or intermittent because of the number of people trying to access services. It said it was also still working to restore some functions.
In a letter to customers, Provost said the bank would be reversing monthly service fees for September, and opening some branches on Monday despite the statutory federal holiday as the bank tries to resolve the issues.
“We understand how precious your trust is, and we recognize that we have not delivered on it,” said Provost in the letter.
“My sincerest apologies for the inconvenience this outage may have caused you, your family, and your company.”
The bank said it would also work with clients who may have missed payments because of the outage, including help if someone’s credit score was affected because they couldn’t access their money.
