The Bank of Nova Scotia says outgoing Air Canada chief executive Calin Rovinescu has joined its board. The Toronto bank’s announcement comes just after Rovinescu announced he will retire from the airline in February as it struggles to rebuild the travel sector amid COVID-19.

Rovinescu has served as the airline’s president and chief executive since April 2009, but also led the company’s restructuring in 2003 and 2004.

The bank’s board chairman, Aaron Regent, says he considers Rovinescu one of the country’s most accomplished CEOs and believes Scotiabank will benefit from his proven track record in corporate strategy, growth and shareholder value creation.

Rovinescu’s involvement in the bank is not his first stint in the financial sector.

He previously co-founded independent investment bank Genuity Capital Markets.

Rovinescu was also the managing partner of Stikeman Elliott in Montreal, where the bank says he practiced corporate law for more than 20 years.