Gordon Nixon
Encyclopedia
Gordon M. "Gord" Nixon, CM
, O.Ont
(born 1957) is a Canadian business
executive
and investment banker. He is the President
, CEO and Director of Royal Bank of Canada
.
. Nixon received a Bachelor of Commerce
degree from Queen's University
in 1979, where he played varsity rugby. Nixon is a grandson of a former director of Royal Bank of Canada.
Upon graduation, he became an investment banker with Dominion Securities, which included a stint running their Tokyo office in 1986, at the height of Japan's economic boom. Dominion Securities was acquired by Royal Bank of Canada in 1987 and Nixon returned to Canada in 1989 as a Managing Director of Investment Banking. In 1995, he was appointed head of Global Investment Banking.
.
He was appointed president and chief executive officer of RBC on April 1, 2001, after John Cleghorn
retired, making him one of t
Initially, with RBC's stock price stagnating, Nixon received some criticism for being unwilling to change the status quo and because of the lackluster performance of RBC Centura's (RBC's retail operations in the United States). Chief financial officer Peter Currie and banking chief Jim Rager wanted RBC to make a major acquisition in the United States, as Centura's capital markets and banking assets were too small, too scattered and struggling to earn money. However in late 2004, he initiated a major reorganization and management shakeup known as "Client First". Subsequently RBC delivered one of the best shareholder returns among the Big Five banks from 2005-2010, emerging largely unscathed through the late 2000s financial crisis and economic recession.
For his efforts, Nixon was named CEO of the year by the Financial Post
Business Magazine in 2007. Upon receiving that accolade at the age of only 50, Nixon was already one of the longest tenured CEOs in the industry, considering that his Big Five peers were named CEO when they were in their 50s.
In 2007, he was awarded the Order of Ontario
. In 2010, he was appointed a Member of the Order of Canada
.
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
, O.Ont
Order of Ontario
The Order of Ontario is the most prestigious official honour in the Canadian province of Ontario. Instituted in 1986 by Lieutenant Governor Lincoln Alexander, on the advice of the Cabinet under Premier David Peterson, the civilian order is administered by the Governor-in-Council and is intended to...
(born 1957) is a Canadian business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
executive
Executive
Executive may refer to:* Executive , branch of government that has sole authority and responsibility for the daily administration of the state bureaucracy* Executive , monthly news magazine established in 1999...
and investment banker. He is the President
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
, CEO and Director of Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
.
Early life
Born in Montreal, Quebec, he was educated at Lower Canada CollegeLower Canada College
Lower Canada College of Montreal is an elementary and secondary level private school.The college was founded by the Church of St John the Evangelist in 1861 as St. John's School and changed its name to Lower Canada College in 1909, replacing an older school by that name that was founded in...
. Nixon received a Bachelor of Commerce
Bachelor of Commerce
A Bachelor of Commerce is an undergraduate degree in commerce and related subjects. The degree is also known as the Bachelor of Commerce and Administration, or BCA...
degree from Queen's University
Queen's University
Queen's University, , is a public research university located in Kingston, Ontario, Canada. Founded on 16 October 1841, the university pre-dates the founding of Canada by 26 years. Queen's holds more more than of land throughout Ontario as well as Herstmonceux Castle in East Sussex, England...
in 1979, where he played varsity rugby. Nixon is a grandson of a former director of Royal Bank of Canada.
Upon graduation, he became an investment banker with Dominion Securities, which included a stint running their Tokyo office in 1986, at the height of Japan's economic boom. Dominion Securities was acquired by Royal Bank of Canada in 1987 and Nixon returned to Canada in 1989 as a Managing Director of Investment Banking. In 1995, he was appointed head of Global Investment Banking.
Royal Bank of Canada
In 2000, at the age of 43, he became chief executive officer of RBC Dominion Securities, since then renamed as RBC Capital Markets, succeeding long-time head Anthony FellAnthony S. Fell
Anthony S. Fell, OC is a Canadian businessman and chairman of RBC Capital Markets.From 1980 to 1998, he was the Chief Executive Officer of RBC Dominion Securities Limited. He sits on the board of directors of multiple corporations, including Bell Canada Enterprises, CAE, and Loblaw Companies Ltd....
.
He was appointed president and chief executive officer of RBC on April 1, 2001, after John Cleghorn
John Cleghorn
John Edward Cleghorn, is a Canadian businessman and former Chairman and Chief Executive Officer of the Royal Bank of Canada from 1994 until 2001. He is currently Chairman of the Board of Canadian Pacific Railway....
retired, making him one of t
Initially, with RBC's stock price stagnating, Nixon received some criticism for being unwilling to change the status quo and because of the lackluster performance of RBC Centura's (RBC's retail operations in the United States). Chief financial officer Peter Currie and banking chief Jim Rager wanted RBC to make a major acquisition in the United States, as Centura's capital markets and banking assets were too small, too scattered and struggling to earn money. However in late 2004, he initiated a major reorganization and management shakeup known as "Client First". Subsequently RBC delivered one of the best shareholder returns among the Big Five banks from 2005-2010, emerging largely unscathed through the late 2000s financial crisis and economic recession.
For his efforts, Nixon was named CEO of the year by the Financial Post
Financial Post
The Financial Post was an English Canadian business newspaper, which published from 1907 to 1998. In 1998, the publication was folded into the new National Post, although the name Financial Post has been retained as the banner for that paper's business section and also lives on in the Post’s...
Business Magazine in 2007. Upon receiving that accolade at the age of only 50, Nixon was already one of the longest tenured CEOs in the industry, considering that his Big Five peers were named CEO when they were in their 50s.
In 2007, he was awarded the Order of Ontario
Order of Ontario
The Order of Ontario is the most prestigious official honour in the Canadian province of Ontario. Instituted in 1986 by Lieutenant Governor Lincoln Alexander, on the advice of the Cabinet under Premier David Peterson, the civilian order is administered by the Governor-in-Council and is intended to...
. In 2010, he was appointed a Member of the Order of Canada
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
.