Dave McKay Appointed as Successor
TORONTO, Dec. 5, 2013 /CNW/ - Royal Bank of Canada's President and Chief
Executive Officer, Gordon Nixon, today announced his intention to
retire effective August 1, 2014, after 13 years in this role.
In line with RBC's succession planning process, the Board of Directors
today announced that Dave McKay, Group Head, Personal & Commercial
Banking will be appointed as President at the Annual Meeting on
February 26, 2014, and President and Chief Executive Officer effective
August 1, 2014.
"Gord has had a remarkable career at RBC and during his 13 years as CEO
earnings and market share have increased significantly in RBC's five
business segments both in Canada and internationally. He led our
organization to strong earnings growth during the most challenging
financial crisis since the Great Depression and transformed the bank by
putting the client first and fostering a culture of collaboration
across the organization for the benefit of all stakeholders," said
David O'Brien, Chair of the Board. "Under Gord's guidance, RBC has
created a diversified business mix, become one of the world's largest
global financial institutions, grown earnings from $2.4 billion to $8.4
billion, and generated compounded Total Return to Shareholders of 13.5
per cent a year," he added.
Mr. Nixon has received significant recognition over his tenure including
being named Canada's Outstanding CEO of the Year, being on Barron's
list of the World's Best CEOs twice, and he is currently on Bloomberg's
list of the World's 50 Most Influential People. He has been a leader in
numerous institutional and community organizations, a passionate
champion of diversity and inclusion, and has been awarded the Order of
Canada and the Order of Ontario.
"One of the most important roles of a CEO is to develop strong
management succession and I believe our executive team has never been
stronger. I am confident that Dave McKay's outstanding leadership and
financial services experience will continue to drive RBC's industry
leadership and growth. I look forward to working with Dave and my
colleagues on Group Executive during this transition period," noted
"I am honoured to be asked by the Board to lead this remarkable
institution and to work with Group Executive to ensure we continue to
invest in and grow our businesses. I am energized about leading our
79,000 employees who serve our more than 15 million clients globally
and embody our values and brand in all that they do," said Dave McKay.
"The board is very confident in Dave's leadership given his track record
of driving performance and investing for the long term with a focus on
innovation for sustainable growth. He has been recognized as one of the
top retail bankers internationally and has a demonstrated commitment to
clients, employees and communities, helping them succeed in an
ever-changing world. Dave's distinguished 25-year career at RBC, which
includes retail banking, risk management, and international experience
in corporate banking, ideally positions him to take RBC in to the
future," noted Mr. O'Brien.
When Mr. McKay assumes the role of President on February 26, 2014, all
business segments - Personal & Commercial Banking, Wealth Management,
Insurance, Investor & Treasury Services, and Capital Markets - will
report to him. Reporting to Mr. Nixon will be Mr. McKay as President as
well as the Functional Group Heads.
RBC also announced that Mark Standish, Co-Group Head, Capital Markets
and Investor & Treasury Services will be leaving RBC next year. In the
interim he will work with RBC's trading businesses to facilitate
transition under the changing regulatory regime in the United States.
"Mark has been a valued member of my Group Executive team. He has made a
significant contribution in building the business globally,
particularly in the United States, through some of the most challenging
market conditions in recent memory. Under Mark's leadership we
strengthened the RBC brand in New York, which helped attract and retain
talent and clients. He is a strong contributor to the community through
volunteer board memberships and other activities. Mark has made a
lasting impact during his almost 18 years with RBC and on behalf of all
my colleagues, I thank him for his contributions and wish him the very
best," said Mr. Nixon.
Doug McGregor, currently Co-Group Head, Capital Markets and Investor &
Treasury Services, will assume full responsibility for the businesses
as Chair and CEO of RBC Capital Markets and Group Head, Capital Markets
and Investor & Treasury Services (I&TS), effective immediately.
"Doug has been a great leader of our Capital Markets business and has
led the expansion and re-balancing of this business where a much larger
portion of earnings are now derived from corporate and investment
banking, origination fees, and client-based activities in our trading
businesses. Having Doug committed to leading Capital Markets and
Investor & Treasury Services provides us great confidence in the
continued growth of these businesses," said Mr. Nixon.
Royal Bank of Canada (RY on TSX and NYSE) is Canada's largest bank as
measured by assets and market capitalization, and is among the largest
banks in the world, based on market capitalization. We are one of North
America's leading diversified financial services companies, and provide
personal and commercial banking, wealth management services, insurance,
investor services and capital markets products and services on a global
basis. We employ approximately 79,000 full- and part-time employees who
serve more than 15 million personal, business, public sector and
institutional clients through offices in Canada, the U.S. and 44 other
countries. For more information, please visit rbc.com.
Image with caption: "Royal Bank of Canada's President and Chief Executive Officer, Gordon Nixon (L) and Dave McKay, Group Head, Personal & Commercial Banking (R) (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20131205_C7930_PHOTO_EN_34499.jpg
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