TORONTO, Dec. 17, 2025 /PRNewswire/ – The Board of Directors of EQB Inc. and Equitable Bank (collectively “EQB”) today announced that as part of its renewal and succession plan, it will appoint Mr. Mike Pedersen to the Board of Directors effective immediately and plan to nominate him as successor Chair, contingent upon his election as a Director by EQB shareholders at the Annual General Shareholder Meeting (AGM) in April 2026.
Ms. Vincenza (Vin) Sera, who will conclude 13 years of service on the Board in 2026, plans to step down as Chair and will not seek re-election as a Director at the AGM in April 2026. Ms. Sera joined the Board in 2013 and has served as Chair since September 2024, extending her 12-year term to take on the Chair position at the Board’s request.
Mr. Pedersen brings more than three decades of leadership in global financial services, with a proven record of providing governance and strategy oversight through periods of impactful growth and transformation. He served as Chair of the Board at Business Development Bank of Canada (BDC) from 2018 to 2023. Mr. Pedersen has also held multiple senior roles at TD Bank Group, culminating in being President and CEO of TD Bank Group’s U.S. banking business from 2013 to 2017.
Based in Toronto, Mr. Pedersen currently serves on the boards of CGI, AtkinsRéalis and Clean Prosperity. Additionally, he is Chair of the Advisory Committee for the Intact Centre on Climate Adaptation at the University of Waterloo, and is a member of the Sustainable Finance Advisory Committee at the Global Risk Institute. He holds a Bachelor of Commerce from the University of British Columbia and a Master of Industrial Relations from the University of Toronto. Mr. Pedersen maintains an active presence in his community and has a long history of involvement in organizations dedicated to environmental sustainability and urban poverty.
“It has been a privilege to serve as Chair of EQB and Equitable Bank,” said Ms. Sera. “We have rapidly grown to become Canada’s seventh-largest bank and the country’s definitive challenger in banking, and this is just the start. I’m proud to announce Mike’s appointment to the Board and nomination as Chair in 2026 – he has an impressive career spanning global financial markets and brings a valuable perspective to the Board. This is an exciting moment for the bank and I am confident his expertise, alongside EQB’s world-class leadership team, will be pivotal in delivering even greater value to shareholders and customers.”
Ms. Sera played a key role in some of the bank’s most important milestones – first as corporate director during the launch of EQ Bank in 2016 and, more recently as Chair, guiding the appointment of Chadwick Westlake as President and CEO and EQB’s recent agreement to acquire PC Financial.
“Vin’s leadership and counsel have been instrumental in shaping EQB’s success and setting us up for the future from a position of strength. I would like to sincerely thank Vin for her invaluable contributions,” said Chadwick Westlake, President and CEO of EQB. “Looking forward, I am delighted that Mike will be joining EQB as a director, and thereafter as Chair following our 2026 AGM. With his exceptional tenure in banking, leadership, strategy and governance positions, we will be perfectly poised to execute an ambitious growth strategy that will redefine what our challenger bank can deliver to Canadians and all of our stakeholders.”
About EQB Inc.
EQB Inc. (TSX: EQB) is a leading digital financial services company with $138 billion in combined assets under management and administration (as at October 31, 2025). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada’s seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada’s Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people’s lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to nearly 780,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of Canada’s top banks on the Forbes World’s Best Banks list since 2021.
To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.
Investor contact:
Lemar Persaud
VP and Head of IR
investor_enquiry@eqb.com
Media contact:
Maggie Hall
Director, PR & Communications
maggie.hall@eqb.com
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SOURCE EQB Inc.
