This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

RBC President And CEO Gordon Nixon Announces His Intention To Retire In August 2014

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs