EQB CFO Chadwick Westlake to join Open Text

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Open Text Corp. hired banking executive Chadwick Westlake as its next chief financial officer.

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Westlake, who will step down as chief financial officer of Equitable Bank owner EQB Inc. next week, is set to join Waterloo-based Open Text on March 5, according to a statement Wednesday. Westlake succeeds the software firm’s current CFO, Madhu Ranganathan.

EQB, Canada’s seventh-largest bank, announced Westlake’s departure on Tuesday concurrent with its first-quarter fiscal results. The firm posted adjusted earnings per share of $2.98, topping the $2.71 average estimate of analysts in a Bloomberg survey.

The challenger bank said it would announce a new CFO “in due course” and David Wilkes, vice president and head of finance, will “continue to lead key roles and responsibilities within the finance function.”

Westlake spent 18 years at Bank of Nova Scotia and held several senior finance roles before joining EQB in 2020. The bank has been among the top performing Canadian financial stocks in recent years.

Bloomberg.com

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