(February 23 – 13:50 ET) – John Cleghorn will be retiring from his post as Royal Bank chairman and CEO. He made the announcement, today, at RBC’s annual meeting in Vancouver. He will retire this July, when he turns 60.

Cleghorn will be succeeded by Gord Nixon, head of the bank’s corporate and investment banking arm, RBC Dominion Securities Inc. RBC will become the second major Canadian bank to be headed by a former broker.

Nixon is deputy-chairman and CEO at RBC Dominion Securities and as a member of Royal Bank Financial Group’s management committee is one of nine executives responsible for setting the group’s overall strategic direction.

Nixon joined DS in 1979. He was appointed vice-president of fixed income
trading in 1982. In 1986, he managed the firm’s Tokyo office. He was
appointed to the board of directors of DS in 1988. In 1989 he returned to
Canada. In 1995 he became head of global investment banking and he also joined the firm’s executive and operating committees. In December 1999, Nixon was appointed deputy-chairman and CEO at DS and became a member of Royal Bank’s group management committee.

Cleghorn joined Royal Bank in 1974, he became president in 1986, chief operating officer in 1990, chief executive officer in 1994, and chairman and chief executive officer in 1995.
-IE Staff