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Rick Waugh Named 2011 Horatio Alger Award Recipient
President, Chief Executive Officer and Director of Scotiabank to be Inducted this Spring for Overcoming Adversity

WASHINGTON, February 4, 2011 – The Horatio Alger Association of Distinguished Americans is pleased to announce that Rick Waugh, president, chief executive officer and director of Scotiabank, will receive the 2011 International Horatio Alger Award in recognition of his personal and professional success despite humble and challenging beginnings.

Waugh will be formally inducted into the association when he accepts the International Horatio Alger Award on April 8, 2011, in Washington, D.C. Recipients of the award have overcome great adversity to achieve admirable accomplishments, to serve as examples of achieving the American Dream, and to offer countless hours and resources to help others in need.

“We are pleased to induct Rick Waugh into the Horatio Alger Association and pay tribute to his success in the face of hardship,” said Tony Novelly, president and CEO, Horatio Alger Association. “The 2011 members are extraordinary role models of strength, resolve and achievement, and will help to continue our mission of helping young people achieve similar success.”

Waugh was born in 1947 in Winnipeg, Manitoba, Canada, where he lived with his parents, younger brother, an aunt and grandparents, all in a small yet comfortable house. His father was a fireman, and supported the extended family by supplementing that income with two other jobs as a house painter and tombstone engraver, which he held until his untimely death.

At the age of 12, Waugh contracted a serious illness and the doctor said that he should be sent away for treatment. His mother, unwilling to do that, convinced the doctor that she could take care of her son at home. A retired teacher kept Waugh up-to-date with his studies. After nine months in bed, he recovered and passed all his school exams. He later attended the University of Manitoba, and worked to pay his tuition and expenses while living at home to save money. Waugh earned a bachelor’s degree in commerce (with honors), and then earned a master’s degree in business administration at York University, which he attended at night school while working full-time at Scotiabank.

In 1970, Waugh joined Scotiabank in Winnipeg, starting as a branch teller and quickly began a steady rise through the ranks. In 1985, he moved to New York as the most senior Scotiabank executive in the United States. He later returned to Toronto and, in 2003, was named a director, and president and chief executive officer. Today, Scotiabank is ranked among the top 25 banks in the world by market capitalization (Capital IQ).

Waugh is a Fellow of the Institute of Canadian Bankers. He was awarded the Merit of Honor, Council of the Americas, for his distinguished contribution to the Americas. In 2009, he received the Corporate Social Responsibility Award from the Foreign Policy Association in New York. Most recently, he was conferred by the president of the Dominican Republic the Order of Merit for distinguished service to the country. Additionally Waugh is vice-chair of the board of the Institute of International Finance (IIF), and serves as a trustee for the IIF's Principles for Stable Capital Flows in Emerging Markets. He also serves on the board of directors of the International Monetary Conference (IMC) as vice-president for 2011. 

Waugh will be honored among 11 other remarkable individuals who will receive the 2011 award for their hard work, self-reliance and perseverance:

• Roger Eugene Ailes, Chairman and CEO, FOX News and Chairman,  Fox Television Stations Group
• Anousheh Ansari, Co-Founder and CEO, Prodea Systems, Inc. and Spaceflight Participant, Russian Space Program
• Michael R. Bloomberg, Mayor, City of New York and Founder and Owner, Bloomberg, L.P.
• Leonardo DiCaprio,  Actor and Film Producer
• Frederic V. Malek, Founder and Chairman, Thayer Lodging Group
• Harry S. Patten, Founder, Chairman and CEO, National Land Partners, LLC and Inland Management
• Josue “Joe” Robles Jr., President and Chief Executive Officer, United Services Automobile Association (USAA)
• James E. “Jim” Rohr, Chairman and CEO, PNC Financial Services Group (PNC Bank)
• Byron David Trott, Managing Partner and Chief Investment Officer, BDT Capital Partners, LLC
• Glenn Stearns, Chairman and Owner, Stearns Corporation
• Herbert A. “Herbie” Wertheim, Chairman and CEO, Brain Power, Inc., Chairman, Dr. Herbert and Nicole Wertheim Family Foundation, and Founding Chairman, Herbert Wertheim College of Medicine Florida International University

In addition, the 2011 Norman Vincent Peale Award will be presented to Doré Energy Corporation President William J. Doré. The Norman Vincent Peale Award is annually conferred on an association member who has made exceptional humanitarian contributions to society, who has been an active participant in the association, and who continues to exhibit courage, tenacity and integrity in the face of great challenges. The award is named in honor of Dr. Peale, who has been an outstanding leader of the association for more than 40 years. 

The 2011 members will receive their awards at the 2011 Horatio Alger Awards Induction Ceremonies in Washington, D.C. Activities include three days of meetings and celebrations in some of the nation’s most historic buildings. The Horatio Alger National Scholars, remarkable high school seniors who have excelled despite adversity, also will be formally honored during the three-day gathering.

A complete list of all of the Horatio Alger Members can be found at http://www.horatioalger.org/members.cfm.

About The Horatio Alger Association
Founded in 1947, the Horatio Alger Association of Distinguished Americans continues to fulfill its mission of honoring the achievements of outstanding individuals in our society who have succeeded in spite of adversity and of encouraging young people to pursue their dreams through higher education. The Horatio Alger Association offers three annual scholarship programs: the National Scholarship Program, state scholarship programs, and graduate grants. The association will have awarded more than $87 million in scholarships through 2012 to at-risk students determined to earn college degrees. The association is a Combined Federal Campaign participant; # 77062. For more information, please visit www.horatioalger.org

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