The Montreal-based bank announced on Monday that Llewellyn, the first woman to lead a major chartered Canadian bank, is to “leave immediately” as president and CEO after three years in the role. Éric Provost, who was promoted two weeks ago to group head of personal and commercial banking, has replaced her. Michael Boychuk, who was most recently chair of the audit committee, replaced Michael Mueller as chair of the board, who also resigned. (The Logic)

Talking point: The shakeup comes after the bank’s failed efforts to find a buyer during its recent strategic review, and an IT outage last week that impacted the bank’s online services. Llewellyn was two years into a three-year plan to grow Laurentian’s commercial banking business and upgrade its digital services to expand its customer base outside of Quebec. During her tenure, she introduced a mobile app, a new line of Visa cards and a chequing account that consumers can open online.