Morningstar DBRS Comments on EQB's Inc.'s Appointment of Chadwick Westlake as Its President and Chief Executive Officer

DBRS Limited (Morningstar DBRS) notes that EQB Inc.'s (EQB or the Group; rated BBB with a Stable trend) appointment of Chadwick Westlake as its new president and chief executive officer (CEO) has no impact on the Group's credit ratings or trends. Morningstar DBRS expects EQB's current strategy will not materially change in the near to medium term under Mr. Westlake, and the Group will continue to execute on its strategic priorities.

Mr. Westlake will step into this role on August 25, 2025, and serve on the board of directors, succeeding the late Andrew Moor. Mr. Westlake served as EQB's CFO from 2020 to March 2025, prior to departing EQB to become executive vice president and chief financial officer (CFO) at OpenText Corporation. At EQB, he was responsible for the Group's corporate strategy and development, treasury and securitization activities, investor relations, all core finance functions, and legal affairs. Additionally, Mr. Westlake held progressively senior roles at the Bank of Nova Scotia (rated AA with a Stable trend) for 18 years. In Morningstar DBRS' view, Mr. Westlake's prior experience in an executive role within EQB uniquely positions him to assume the CEO and leadership role for the Group.

Since Mr. Moor's passing in June 2025, Marlene Lenarduzzi has been serving as the interim President and CEO and she will return to her previous position as Chief Risk Officer once Mr. Westlake returns.

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