Western Financial Group begins transition plan after president Scott Tannas appointed to Senate

Prime Minister Stephen Harper announced Monday that Scott Tannas, president and CEO of Western Financial Group, has been appointed to the Senate.

 “I am pleased to announce the appointment of a remarkable Canadian to the Senate of Canada,” Harper said in the announcement. “Our Government welcomes the fact that Mr. Tannas was selected by the people of Alberta to represent them in the Upper House.”

“His strong business background and deep knowledge of Alberta are sure to benefit the Senate,” Harper added.

Background: Western Financial Group’s president and CEO seeks Senate seat

Tannas will be filling the vacancy left after Bert Brown, an Alberta senator, retired this month. Tannas was selected as a Senate nominee by Albertans in a consultation process on April 23, 2012, according to the prime minister’s office.

Western Financial Group said Tuesday it has begun its transition plan, including finding a successor for Tannas. The company said it expects to name a new president and CEO by Labour Day and to have that person work with Tannas for the last few months of the year.

Tannas will remain president and CEO of the company until Dec. 31, after which he will become vice chairman and hold the title of founder. He has committed to holding that position for a minimum of 10 years, Western Financial said.

“I am looking forward to beginning my new role as Senator and thank the people of Alberta and the Prime Minister for the opportunity to serve my country,” Tannas said in the statement.

“At the same time, I will remain deeply involved with Western Financial Group. In my new position, I will continue to focus on governance, community relations, employee relations and providing counsel on acquisition opportunities over the long term.”

Tannas founded Western in 1996 in his hometown of High River, Alta. The company now serves more than 600,000 customers through more than 120 offices across western Canada. In 2011, Western became a subsidiary of Desjardins Group, the country’s leading financial cooperative.

“We are very proud of Scott and know he will serve the people of Alberta and Canada well in the Senate,” Sylvie Paquette, senior vice president and general manager of property and sasualty insurance for Desjardins Group commented in a statement.

“His leadership has built Western into one of the strongest financial services companies in western Canada. Fortunately, Western and Desjardins have been able to plan for this day for some time and have created a succession plan that ensures Western will continue to operate at peak performance. We are pleased that Scott will remain with the company even as he puts his leadership skills to use in the political realm.”