The chief risk officer of Scotiabank (BNS) in Toronto is retiring, prompting several senior management changes.

Rob Pitfield will retire from his position as chief risk officer after a 30-year career at Scotiabank, the $743 billion-asset company announced Thursday. He will be succeeded by Stephen Hart, who is the chief credit officer, effective Sept. 1.

Pitfield will remain with the company through January to facilitate the transition.

Hart has served in a variety of senior posts in origination and credit adjudication in corporate lending during his 35-year tenure at Scotiabank. He became chief credit officer in October 2008.

"Stephen understands risk management. He has extensive experience in credit risk and adjudication and he knows the bank, our customers, values and risk management processes inside out," Chief Executive Rick Waugh said in the release. "He will continue to bring the kind of discipline and judgment to the role of chief risk officer that our all of our stakeholders have come to expect from Scotiabank."

Scotiabank also announced that another longtime company executive, Terry Fryett, has been selected to replace Hart as chief credit officer. Fryett is senior vice president of global risk management, overseeing commercial and corporate credit risk in Latin American markets.

"Terry is a strong leader with extensive banking experience across international markets," Waugh said. "He has a deep understanding of the bank's strategic priorities and will be a great addition to our executive management committee."

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