Industry leaders remember visionary banker who transformed Equitable Bank and championed innovation
The Canadian mortgage and banking community is mourning the unexpected loss of Andrew Moor, president and chief executive officer of EQB Inc., who passed away suddenly over the weekend.
Moor, the country’s longest-serving bank CEO at the time of his death, was widely celebrated for his visionary leadership and unwavering commitment to innovation in banking.
"Andrew's death is a tragic loss to all of us at EQB and to everyone who had the pleasure of knowing him," said Vincenza Sera, chair of the board. "Andrew was a visionary leader and a fierce advocate for change and innovation in banking that benefits all Canadians.
“As a result of his inspired stewardship of our company, he instilled a culture at EQB that is both forward looking and faithful to the sound principles of prudent banking that engender public trust. He will be missed."
Moor’s impact on the industry extended well beyond the boardroom. Colleagues and industry leaders from across the country paid tribute to his professionalism, integrity, and deep community involvement.
Gary Fooks, cofounder of 8Twelve Financial Technology, described Moor’s passing as “a huge loss to the EQB family and the entire industry as a whole.... he will be dearly missed.”
“I was saddened to learn today of Andrew Moor's passing,” TD Bank CEO Raymond Chun wrote in a LinkedIn post. “For close to two decades as CEO of Equitable Bank, he made important contributions to Canada's banking industry. Sharing my heartfelt condolences with his family, friends, and colleagues.”
Industry innovators recognized Moor’s role as a champion of Canadian fintech.
“He was a visionary in the fight to build a better financial system for everyday Canadians. Never afraid to stand up and challenge the status quo,” said Wealthsimple cofounder Michael Katchen. “One of the original champions of Canadian fintech, he built an amazing company and paved the way for so many of us.
“He was a force of nature, full of strong, unshakable convictions and just so fun to be around. I along with so many had deep love and respect for Andrew. He deserved the retirement he had coming, and it breaks my heart he didn’t get it. Thinking of his family and loved ones, and everyone at EQ Bank | Equitable Bank.”
Dan Eisner, CEO of True North Mortgage, highlighted Moor’s support for the mortgage industry.
“Andrew led with intelligence, integrity, and generosity,” Eisner said. “Since 2007, he helped shape Canadian banking into a more open and innovative space, always championing mortgage brokers as essential partners in delivering solutions for Canadians. His impact on our industry and the people within it is profound. My heartfelt sympathies go out to his family, friends, and colleagues at Equitable. He will be greatly missed.”
‘Well-advanced’ succession plan
EQB’s board confirmed that Moor and the board had been preparing for his retirement as part of a well-developed CEO succession plan.
"Our process has considered the profile and skills most critical to leadership of the bank and included evaluations of a number of potential internal and external succession candidates with the assistance of a global recruitment firm," Sera said in a statement. "We were well-advanced in that process, including with support from Andrew, and plan to make an announcement regarding his long-term successor in the very near term.”
EQB said it has proceeded with its emergency succession plan, appointing Marlene Lenarduzzi as interim president and CEO.
Lenarduzzi, who also joins the boards of Equitable Bank and EQB, currently serves as chief risk officer and brings more than 25 years of experience in risk management and banking strategy.
Moor’s leadership
Andrew Moor became CEO in 2007, leading EQB from a regional trust company with 107 employees and $4.4 billion in assets under administration to Canada’s seventh-largest bank, now managing $134 billion in combined assets and nearly 2,000 employees nationwide.
Under his leadership, EQB became a leading lender in the single-family mortgage market, reverse mortgages, insurance lending, commercial lending, and equipment financing, and is now Canada’s largest securitizer of CMHC-insured multi-unit residential mortgages.
Read more: Andrew Moor sees lots of opportunity for brokers
Moor’s vision also brought innovation to the banking sector with the launch of EQ Bank, the award-winning all-digital platform, helping the company reach 742,000 customers. For investors, EQB’s total shareholder return over the past 18 years has been among the best in North America.
“Thanks to Andrew's inspired leadership, EQB has the talented people, the high-performance culture and the proven shareholder value creation strategies to excel in his absence,” Sera said. “Speaking on the Board's behalf, I have every confidence in the team's ability to continue what Andrew started for the benefit of all stakeholders.”
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