Royal Bank of Canada’s chief administrative officer and chief financial officer will retire early next year, the company announced yesterday.
Janice Fukakusa retires after a 31-year career with RBC, during which time she held a number of positions across various areas of the bank and insurance provider, including chief internal auditor.
Rod Bolger, currently executive vice-president of finance and controller, has been appointed chief financial officer, effective December 1 this year, and will report to Fukakusa until she officially retires on January 31, 2017.
Bolger will then report to Dave McKay, RBC’s president and chief executive officer, and will join the group executive as one of eight executives responsible for setting the overall strategic direction of RBC, the company said.
McKay praised Fukakusa’s contributions to RBC and the financial services sector as “industry-leading,” adding that her leadership has left a “lasting impact on our organization.”
He said: “[Fukakusa’s] steady hand through market turbulence and her commitment to a strong financial control culture has helped deliver sustainable shareholder value,” adding that she played a key role in ensuring the integrity of RBC’s financial reporting and efficiency management programs, compliance with evolving regulatory standards, and the transparency of its financial disclosure for the benefit of investors, retail shareholders, analysts and clients.
Bolger, who joined RBC in 2011 after working in the financial services sector for Bank of America and Citigroup, will bring his “breadth of knowledge, his global experience in both financial and professional services and his leadership skills,” to his new role, McKay said.
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