Royal Bank of Canada (TSX: RY) and (NYSE: RY) announced several key executive appointments to accelerate growth and enhance client focus following the acquisition of HSBC Bank Canada. Effective September 1, 2024, these changes aim to leverage RBC’s scale, expedite decision-making, and prioritize strategic growth with clients at the center.
“I’m excited to work with these exceptional leaders as they assume new roles,” said Dave McKay, President and CEO of RBC. “Their unique skills and perspectives will be invaluable in our next growth phase and in deepening client relationships.”
RBC will also restructure its Personal & Commercial Banking (P&CB) into two standalone segments starting Q4 2024, to better serve its 15 million clients and address evolving needs. RBC Direct Investing will move to the Wealth Management segment.
Doug Guzman, currently Group Head, RBC Wealth Management and Insurance, will become Deputy Chair, RBC, advising on enterprise priorities and key client relationships. “Doug has significantly grown our wealth management business globally,” McKay noted.
Neil McLaughlin, Group Head, P&CB, will become Group Head, RBC Wealth Management, succeeding Guzman. “Neil’s leadership in P&CB has driven exceptional growth and client satisfaction,” McKay said. “He will be a tremendous asset to our wealth management businesses.”
Erica Nielsen, Executive Vice President, Personal Financing Products, will become Group Head, RBC Personal Banking. She will oversee U.S. and Caribbean banking, continuing to drive growth through innovative partnerships and products. “Erica’s strategic vision and execution have been critical to our success,” McKay stated.
Sean Amato-Gauci, Executive Vice President, Business Financial Services, will become Group Head, RBC Commercial Banking. “Sean’s depth of experience and inventive leadership will enhance our strategy for globally-connected commercial clients,” McKay said.
Jennifer Publicover will be appointed Group Head, RBC Insurance, joining the Group Executive leadership team. She has been CEO of RBC Insurance since 2023, leading a digitally-driven growth strategy. “Jennifer’s visionary leadership and broad experience will be invaluable to our leadership team,” McKay commented.
RBC will have five business segments for financial reporting: Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets. Revised financial reporting supplements will be available before the Q4 results release on December 4, 2024.
