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Peter Aceto is no longer Tangerine CEO
February 25, 2017
9:21 am
Peter
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Whether he actually stepped down or was fired, he's no longer with Tangerine:

http://business.financialpost......eplacement

February 25, 2017
9:59 am
fabafter50
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Good Riddance. Tangerine is horrible. I have pulled major dinero out of there and maybe things will change with Aceto gone.
I won't hold my breath.

February 25, 2017
1:01 pm
Top It Up
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I thought ING was pretty cool when I first started dealing with them in 1998 or so. I was able to move money around online, they offered better rates than the usual suspect banks and then they started to look and feel like the usual suspect banks and then having drained most of the account I moved along and I turned my money over to MB online credit unions.

February 25, 2017
3:05 pm
Rick
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When they bought ING in 2012, they had 30 billion in deposits. 4 1/2 years later they have 38 billion? I dunno...is that good for a bank their size? Maybe with a new driver in charge, they will quit playing stupid games and stabilize their rates to a more competitive and consistent level. I can only hope. I would probably go back to using them as my main account for liquid cash, RSP's and TFSA's if they were competitive. I'm tired of chasing rates, maintaining 3 banks, and moving money around. Didn't even bother with 2.2% promo in October(?). Getting ready to move it all out next week. Do they have a limit to push funds out? How about pulling from another bank?

February 27, 2017
2:44 pm
Loonie
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My recollection is that Aceto was head of it when it was ING.
It may be that its deterioration is due to Scotia meddling. Apart from the rates issue, there was a change in the concept of "fairness" which was discouraging.
Maybe he'd had enough - or had become rich enough!

Tang is definitely due for a makeover, however.
It will be interesting to see if he resurfaces elsewhere or just retires. No mention of his plans, which suggest he was pushed.

March 5, 2017
4:01 pm
Doug
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I don't believe he was "let go" or terminated with or without cause in anyway. I think it was simply a matter of him wanting more than heading up a Canadian bank subsidiary, whether owned by Scotiabank or even when it was owned by ING Groep. It'd been nearly 5 years since the Scotiabank takeover closed and, quite likely, all of his restricted stock and unvested options (if any) had fully vested and this afforded him the opportunity to, literally, "unwind" from what was probably a pretty grueling schedule, focus on his family and then decide to move into a new venture, perhaps with some sort of tech startup, I'd guess. πŸ™‚

He's given every indication he's appreciated Scotiabank's ownership and their meddling has been very minimal, limited only to putting the bulk of their mortgage portfolio into "run-off," discontinuing participation in The Exchange ATM Network in favour of Scotiabank's ABM Network and helping them launch their excellent credit card product. Literally, that's it.

Cheers,
Doug

March 5, 2017
4:02 pm
Doug
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Rick said
When they bought ING in 2012, they had 30 billion in deposits. 4 1/2 years later they have 38 billion? I dunno...is that good for a bank their size? Maybe with a new driver in charge, they will quit playing stupid games and stabilize their rates to a more competitive and consistent level. I can only hope. I would probably go back to using them as my main account for liquid cash, RSP's and TFSA's if they were competitive. I'm tired of chasing rates, maintaining 3 banks, and moving money around. Didn't even bother with 2.2% promo in October(?). Getting ready to move it all out next week. Do they have a limit to push funds out? How about pulling from another bank?Β Β 

No bank can limit what you can "pull" away from them from a different bank if they accept direct deposits/pre-authorized payments, despite what EQ Bank has said in the past. And, all banks have "push" limits. πŸ™‚

Cheers,
Doug

March 5, 2017
4:11 pm
Doug
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Loonie said
My recollection is that Aceto was head of it when it was ING.
It may be that its deterioration is due to Scotia meddling. Apart from the rates issue, there was a change in the concept of "fairness" which was discouraging.
Maybe he'd had enough - or had become rich enough!

Tang is definitely due for a makeover, however.
It will be interesting to see if he resurfaces elsewhere or just retires. No mention of his plans, which suggest he was pushed.Β Β 

I think you're reading too much into it. And actually, I'd suggest the opposite. He had full autonomy over Tangerine, not much less than when ING Groep owned it. Other than Scotiabank changing its ATM network provider, helping them logistically to launch a credit card or exiting Tangerine from the mortgage broker channel, and maybe some more involvement in their Treasury department setting interest rates rather than the CEO exclusively, he had free reign. I suspect, because he was nearing the 5-year mark since the acquisition by Scotiabank closed, his restricted Scotiabank stock and/or employee share options had likely vested and, because he's likely too young to retire, Scotiabank made the decision not to announce his plans as those plans could well include jumping to a competitor - perhaps moving out to west to head up Vancity (Tamara Vrooman is getting on in age and tenure and may be looking to retire) or even Coast Capital Savings as it goes national (as a Coast Capital Savings member, I'd like to see that - I'm not sure Don Coulter has the right material to be a CEO - I'd like to see him revert to a combined Chief Financial Officer/Chief Administrative Officer role or possibly retire and be nominated as Board Chair) or the to-be-launched Meridian Bank subsidiary of the Ontario credit union by the same name or maybe even ATB Financial (for the same reason Tamara Vrooman is getting on in age and tenure, so to is its CEO Dave Mowat)? He may also have plans to head up a digital startup in Waterloo or Vancouver or become a venture capitalist. πŸ™‚

I'm pretty sure he's not done. And, if he was "pushed," Scotiabank would've likely named an external CEO, possibly one from within the parent company, Scotiabank. Instead, it named the Chief Strategy Officer, essentially one of two top "deputies" to the CEO, of Tangerine Bank, Brenda Rideout, who would've reported directly to Aceto and been involved in their product launches/marketing campaigns and acquisition(s), if any. He may even her recommended to his boss, the EVP of Canadian Banking, James McPhedran. πŸ™‚

Cheers,
Doug

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