Canadian service giant Century Services is naming its first CEO since the financial crisis, taking over from its former chief executive.
The announcement comes as the company seeks to make its first major acquisition in more than a decade.
The new CEO, which Century will name later this month, will oversee a $1.2 billion overhaul of its business.
Century says the changes will include bringing in a new chief financial officer and adding the “world’s largest independent human capital management team.”
Century said it will make major changes to its corporate structure and structure the company’s board of directors and staff.
The company is now a wholly owned subsidiary of the publicly traded Toronto-based Toronto-Dominion Bank Group.
The acquisition will be announced today in Toronto at a ribbon-cutting ceremony for a new headquarters in downtown Toronto.
The transaction will be completed by the end of March.
The Canadian Financial Services Association (CFSA), which represents major financial services companies including Century, is also a shareholder of Century.
Century’s board includes current and former CFSA board members including former CFSC Chair Anne-Marie MacNaughton, who has led the group’s efforts to help regulate the financial services industry.
“Our board is committed to working with the CFSAs board to ensure that our boards are equipped with the expertise and tools necessary to protect Canadians, and our employees and the financial system,” Century Chief Executive and President Tim McKeown said in a statement.
“Century will focus on two key areas: the implementation of our plan to invest in a modern and sustainable organization to ensure a better future for all of our customers, and the strategic direction for our corporate culture to ensure the company maintains its long-term commitment to Canadians.”
Century says its new chief will oversee the company for five years.
“It is a privilege to have the opportunity to work alongside the team of people at Century,” MacNaughtons new chief said in the statement.
Century said the new CEO will have “over three decades of experience in the financial and financial services sector.”
The firm is one of the largest independent service companies in Canada and has offices in Toronto and Calgary.
It was spun off from TD Securities in 2009 to become TD Bank.
The deal was approved by a federal investment regulator last year.