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 Gord Nixon. "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.