By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Web"/> . Follow David Berman on Twitter: @dberman_ROBOpens in a new window, Checking box will enable automatic data updates. Please try again. The average RBC salary ranges from approximately $37,000 per year for Client Advisor to $200,000 per year for Business Manager. Ms. Tory, 58, has been with RBC for more than 35 years, rising through a series of increasingly senior positions. var _ctct_m = "20dc9acbbb159cf7b9499c45d801ca78"; This field is for validation purposes and should be left unchanged. Having started her career with Royal Bank of Canada ("RBC") in 1978, Ms. Tory held successively senior leadership roles, including as Group Head, Personal & Commercial Banking responsible for . The client was not given the opportunity to put restrictions on the content or review it prior to publication. WE told the National Post that Fred and Theresa Kielburger had purchased the property at the foundations request because the organization did not have sufficient funds at the time and then sold it to the foundation for the same price they had paid. Under Mr. McKay's leadership, RBC's profit topped $10-billion in 2015 and eclipsed Toronto-Dominion bank in terms of total assets in the first quarter of this year a notable achievement given that one of RBC's strategic goals is to be Canada's "undisputed leader in financial services.". Toronto-Dominion Bank and Bank of Nova Scotia have already released their proxy circulars. var CurrentYear = new Date().getFullYear() Ms. Tory served as the Chief Administrative Officer of RBC from May 2017 until her retirement on December 31, 2019, where she was responsible for Brand, Marketing, Citizenship, Communications, Procurement and Real Estate functions globally. It is a wonderful thing to be recognized for what, for me, has provided my greatest satisfaction in my 33 years at RBC developing people.. The next issue of Financial Post Top Stories will soon be in your inbox. Rod Bolger, chief financial officer, made $4.4 million in total compensation in 2018, up from $3.7 million the year before. $38,804 / yr. Ive worked with Jennifer for many years. presentation-ready copies of Toronto Star content for distribution Find Jennifer Tory's accurate email address and contact/phone number in Adapt.io. Manager salaries - 239 salaries reported. She will take on her new job, one of the highest-profile in the sector, in April. Tory, 58, is currently RBC's regional president of Canadian banking for the Greater Toronto region. Ms. Tory has been with RBC for over 35 years, holding progressively senior roles including sales leadership, strategy, operations and human resources. In July, Wright took part in a webcast on leadership and anti-Black racism with Wes Hall, the founder of and executive chairman of shareholder services and advisory firm Kingsdale Advisors, who launched the BlackNorth Initiative last summer in the wake of the police killing of George Floyd in the U.S. Wright said business leaders could respond to the low representation of Black, Indigenous and people of colour in corporate Canada by helping to foster a vibrant pipeline of diverse people to pursue full leadership across a range of institutions. He said a key priority should be making sure we are consciously thinking about how to diversify the upper echelons of leadership roles, whether its in the C-suite or on boards., BCE is focused on attracting the most capable directors while also actively growing the diversity of our board, and were making strong progress, BCE spokeswoman Marie-Eve Francoeur said Tuesday. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. "Jennifer's depth of experience in retail and commercial banking ideally positions her to take on leadership of approximately 35,000 employees who are committed . But we have seen that the banks really are working very hard to get their numbers up as far as female representation at the executive suite.. The City said renovations have not started yet. Comments may take up to an hour for moderation before appearing on the site. The Mayors Office says John Tory has no relationship with Fred or Theresa Kielburger, was not involved in the decision to select 233 Carlton, and had no knowledge about current or previous ownership of the building.. Management resources and compensation committee. TORONTO, February 25, 2014 - Royal Bank of Canada (RY on TSX and NYSE) announced today that Jennifer Tory has been appointed Group Head, Personal & Commercial Banking. After more than a decade of leadership positions within the company, Pavi Binning has decided to retire from his role effective Jan. 1, 2022, Wittington said in an emailed statement Tuesday. Scotiabanks Ignacio Nacho Deschamps received the most among all executives with C$12.75 million in compensation as group head of international banking and digital transformation though that included a C$5.7 million sign-on award. Reached by phone, Brenda Ha tells Canadaland that she works with the Kielburger parents on occasion through her personal and corporate concierge company, Check Box Services, and confirmed her role in negotiating the lease agreement for 233 Carlton. Royal Bank of Canada's chief executive officer was paid $10.9-million in total compensation in 2015, his first full year as CEO, marking a 44-per-cent increase from the previous year. Its pretty middle-of-the-road of the Toronto lease market.. The City said they and Marc Kielburger also discussed the installation of an elevator and if that would be done by the landlord or leaseholder. The City will take on all the renovations, and plans to spend $3.7 million on them before the centre opens. WE says that Marc Kielburger, representing his parents, also spoke to City staff about the 12,754-square-foot building, seeking greater clarification on the proposed use of the site.. $139,667 / yr. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. Thrilled to sign the register at the wedding of Leysa Cerswell and Craig Kielburger in Scarborough. WE says the brothers and the mayor have a relationship built on their mutual commitment to public service, but there is no social or otherwise personal relationship.. The board noted that Guzman held RBCs position as Canadas largest retail fund company and largest full-service wealth advisory business. If you don't see it, please check your junk folder. However, in 2008, Tory took a trip to Kenya with his extended family, and spent several days with Marc and Craig there. Royal Bank of Canada Website, 1995-document.write(new Date().getFullYear()), Privacy & Security | Legal | Accessibility, Report a Fraudulent Email or Security Concern. Bay Streets highest-paid female banker set a new benchmark for women executives in the banking industry though their ranks among the top wage earners remain thin. Royal Bank of Canada said on Tuesday that it had promoted Jennifer Tory to head of its personal and commercial banking business, replacing Dave McKay, who will become chief executive officer later this year. Jennifer Grazel Rubio Chief Marketing Officer, RBC Capital Markets US New York, New York, United States 2K followers 500+ connections Join to connect RBC Capital Markets Brown University. This city might have the strongest housing market in Canada, BMO gets green light to buy Bank of the West in biggest deal ever for Canadian bank, A mental health crisis in Canada is fuelling billions in losses for employers, tap here to see other videos from our team. July 29, 2020 17:01 ET HSBC Holdings Plcs Canadian unit is led by Sandra Stuart, 53. These now-retired teachers have been able to generously support the good works of their sons because of their history of buying, self-renovating, and selling 18 properties in the Toronto area over a 40-year period of rising Toronto property prices, WE told Canadaland last year. Top image: a September 2019 Google Street View photo of 233 and 231 Carlton Street. He was accompanied in Kenya by his sister, Jennifer Tory. Royal Bank of Canada has appointed Jennifer Tory as the new head of its retail bank, its largest and most important business. RBC had the highest market cap of the Big Five banks for the period. 2011-2021. Board Member. Jennifer Tory is a corporate director who was, until her retirement in December2019, the Chief Administrative Officer of RBC (a chartered bank), where she held responsibility for Brand, Marketing, Citizenship & Communications, Procurement and Real Estate functions globally. The estimated additional pay is $183,202 per year. The U.S., in comparison, has women bank CEOs, including Beth Mooney at KeyCorp, Ellen Alemany at CIT Group Inc., andSynchrony Financials Margaret Keane. document.write(CurrentYear) A request that the bank create a new technologies committee. Ms. Tory will move into the position left vacant by Dave McKay, who takes over as RBCs chief executive effective Feb 26, the same day as the banks annual meeting in Toronto. Its not far off market [rate], although I would want to be able to look at the inside to see if its a high-quality space, says Matt Wood, a real estate agent based in Cabbagetown, who specializes in commercial properties. A major supporter of WE, she called the experience in Kenya her favourite vacation in a 2012 video for RBC, where she is the bank's chief administrative officer. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. permissions/licensing, please go to: www.TorontoStarReprints.com. Associate salaries - 271 salaries reported. They are still in the minority when it comes to the top executives: only nine, or 21 percent, of the 43 named executives at the eight banks are women, according to regulatory disclosures. Dave McKay, who became CEO of the Royal Bank of Canada in August 2014, received a salary of $1.3-million in 2015, along with a bonus of about $2.3-million and stock options valued at about $7.3-million.Darren Calabrese/The Globe and Mail. As a committed mentor and advocate, Ms. Tory actively sponsors women into executive roles at the bank. There was an error, please provide a valid email address. TORONTO, February 25, 2014 - Royal Bank of Canada (RY on TSX and NYSE) announced today that Jennifer Tory has been appointed Group Head, Personal & Commercial Banking. All Tory married Elizabeth (Liz) Bacon, a nurse, on May 15, 1953. Throughout her 42-year career, Ms.Tory held a number of key senior operating positions across retail distribution and operations, including overseeing digital & cost transformation of the business. Visit our Community Guidelines for more information and details on how to adjust your email settings. She will hold office as a Trustee until the next annual meeting of unitholders or until her successor is elected or appointed. This copy is for your personal non-commercial use only. There is no lack of energy, effort and discussion happening.. RBC announced Mr. Nixons retirement on Dec 6. Janice Fukakusa, Royal Bank of Canadas former chief financial officer, was the highest paid woman among the countrys eight largest lenders in fiscal 2016, bringing in C$4.67 million in compensation excluding pension. In 2010, she was named one of Canadas Most Powerful Women: Top 100 by Womens Executive Network. From August 2010 to September 2018, WE used the building rent-free, which WE says represented $702,900 in foregone rental income. Ms. Tory joined RBC in 1978. Woodbridge is the holding company for Canadas wealthiest family, the Thomsons. [1] They had four children: John H. Tory (born 1954), Jennifer (born 1955), Jeffrey (born 1960) and Michael (born 1961). As Regional President of the Greater Toronto Region at RBC for the past five years, Jennifer Tory has worked tirelessly to advance women and visible minorities both in the bank and her community. Still, Mr. McKay's compensation was again eclipsed by the bank's group head of capital markets. Awarded the Queen's Jubilee Medal in 2013, Tory has a long history of supporting numerous community causes. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. Asked about the nature of Torys relationship with Marc and Craig, Don Peat, the mayors communications director, says he was a volunteer in support of the Kielburgers charitable endeavours before being elected. He has advised many of Canadas top companies on mergers and acquisitions (M&A) and has experience working for family-controlled companies, having represented the Woodbridge Company and its subsidiary Thomson Reuters on a number of transactions. Toronto-Dominion Bank and Bank of Nova Scotia have already released their proxy circulars. Queen's University. Newcom Media Inc. We use cookies to make your website experience better. If you do not yet have a Torstar account, you can create one now (it is free), Copyright owned or licensed by Toronto Star Newspapers Limited. Jennifer Tory received about $4.5-million during her first full year as group head of personal and commercial banking, about double her compensation in 2014, when she was regional president of. Every day, get the financial news that matters in your inbox. Fukakusa, 62, was one of a handful of veteran women executives in Canadian banking that have kept pace with their male counterparts. FP Answers aims to find the information you need, RBC names Jennifer Tory as head of retail bank, Get ready for another rate hike: What economists are saying about the inflation numbers, 4 ways the wealthy can make a dent in a large tax bill, Posthaste: Correction? A partner from the prominent corporate law firm Torys LLP is poised to take over as president of the holding company that controls Loblaw owner George Weston Ltd. Cornell Wright is set to become executive vice-president at Wittington Investments, Ltd. on May 1 and will take over as president by the end of the year. Allied Properties REIT Still, there are no female chief executive officers among Canadas largest banks, extending an industry shutout that stretches back two centuries. The property is currently assessed at just under $2.3 million for tax purposes. Comments may take up to an hour for moderation before appearing on the site. A request for the bank to disclose the equity ratio used by the compensation committee in its compensation-setting process. RBC said Ms. Tory will be responsible for the strategy and performance of the business, which include the banks personal banking operations and certain retail investment businesses in Canada, the Caribbean and the U.S., as well as RBCs commercial banking operations in Canada and the Caribbean. Janice Fukakusa, RBC's chief financial officer, received total compensation of about $5-million in 2015, up 1 per cent from 2014. Ms. Torys innovative approaches, such as restructuring regional market responsibilities to create additional development opportunities important for the advancement of high-potential women and visible minorities, are fundamental to her overall strategy of cultivating talent for results. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Registered Client Associate salaries - 49 salaries reported. We employ approximately 79,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 44 other countries. As RBC's Chief Administrative Officer Jennifer Tory has responsibility for Brand, Marketing, Citizenship, Communications, Procurement and Real Estate functions globally. These positions allow her to significantly influence and impact the banks diversity agenda, plans, and goals. For more information, please visit rbc.com. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. WE told Canadaland in 2019 that the net value of ME to WE real estate assets is zero, as the value of all assets [is] 100% fully leveraged through low interest repayable loans to three generous outside individuals/groups who support the concept of social entrepreneurship and ME to WE.. Royal Bank of Canada has appointed Jennifer Tory as the new head of its retail bank, its largest and most important business. Board Memberships & Affiliations. Thus far, McKay has the second-highest CEO compensation, and TD's CEO has the highest. Victor Li, the CFO for WE Charity and ME to WE, assisted the Kielburger parents in setting up both numbered companies. Neil McLaughlin, group head, Personal & Commercial Banking, made $4.5 million in total compensation, up from $2.9 million the year before. An acknowledged community leader and fundraiser, she currently sits on the board of the Sunnybrook Hospital Foundation Board and recently completed her term on the board of the Toronto International Film Festival, the past 5 years as Chair. Ms. Tory will move into the position left vacant by Dave McKay, who takes over as RBC's chief executive effective Feb 26, the same day as the bank's annual meeting in Toronto. Ms. Tory will take over in April 2014 from Dave McKay, who, as previously announced will become President of RBC on February 26, 2014 and then President and CEO on August 1, 2014. A major supporter of WE, she called the experience in Kenya her favourite vacation in a 2012 video for RBC, where she is the banks chief administrative officer. I am very excited about this opportunity and look forward to leading an exceptional management team and employees dedicated to bringing the best of RBC to our clients, said Ms. Tory, currently Regional President, Canadian Banking, Greater Toronto Region. View Jennifer Tory's business profile as Board Member at BCE. The estimated total pay for a Director at RBC is $360,228 per year. David McKay, president and CEO of Royal Bank of Canada, made $14.5 million in total compensation last year, according to the bank's proxy circular released Thursday. Tory has also appeared at WE Day and on stage when WE opened its Global Learning Centre, a standout building in Torontos Corktown neighbourhood that WE opened in 2017. Ms. Jennifer Tory retired in 2019 as Royal Bank of Canada's Chief Administrative Officer. Theres still a long way to go, Tanya van Biesen, executive director of Catalyst Canada, an organization that promotes women in the workplace, said in an interview. TORONTO, Feb. 24, 2017 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that Jennifer Tory, currently Group Head Personal & Commercial Bank (P&CB) will assume the role of Chief . The building is set to become the new home of the Adelaide Resource Centre for Women, a 24-hour drop-in centre, expected to open in the third quarter of 2021. Jennifer Tory retired after a four-decade career at RBC in 2019. Dave McKay, who became CEO of the Royal Bank of Canada in August 2014, received a salary of $1.3-million in 2015, along with a bonus of about $2.3-million and stock options valued at about $7.3-million. rights reserved. Jennifer Tory is a corporate director who was, until her retirement in December 2019, the Chief Administrative Officer of RBC (a chartered bank), where she held responsibility for Brand, Marketing, Citizenship & Communications, Procurement and Real Estate functions globally. $60,499 / yr. A few weeks before the City leased 233 Carlton, Council agreed to acquire a nearby building, 218 Carlton, for use as affordable housing. Further, Guzman accelerated acquisition of new clients through launch of Premier Banking, increasing high-net-worth households, with 25% growth year-over-year.. RBC employees rate the overall compensation and benefits . This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Read more about cookies here. Jennifer Tory was named 1 of Canada's most powerful women during her long career at @RBC where she retired as Chief Administrative Officer. Star Newspapers Limited and/or its licensors. Ms. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. When considering the top executives across Canadian banking, Fukakusa ranks 20th overall for compensation. Graduated. A search late last week showed just three properties in their names, estimated at a quarter of that. What correction? TIFF. The average RBC hourly pay ranges from approximately $18 per hour for a Client Service Representative to $38 per hour for a Business Analyst. Jennifer Tory received about $4.5-million during her first full year as group head of personal and commercial banking, about double her compensation in 2014, when she was regional president of the Greater Toronto Regional for six months of the year. This advertisement has not loaded yet, but your article continues below. She will join former RBC CEO Gord Nixon on the BCE. Despite speculation by residents of Torontos Cabbagetown neighbourhood, who have pointed to Mayor John Torys long relationship with the Kielburgers, a spokesperson for the mayor says he had no involvement in the decision, which was made by City staff without Council approval. About Jennifer Tory. Does growth in self-managed accounts defy need for advice? Prior to her current role, she was Senior Vice President of Operations for Canadian Banking RBC. Ms. Tory was an active and vocal proponent of diversity and inclusion, long before . Properties on Carlton Street are part of a once-expansive portfolio owned by the parents of Craig and Marc Kielburger, CANADALAND Inc is registered as a limited liability corporation with the province of Ontario. She has been a champion and trailblazer for the advancement of women, LGBTQ+ and BIPOC individuals in both the bank and the broader community. A dedicated sponsor, passionate speaker, and active community member, Ms. Tory continues to develop and advance women while providing an example for others of the value of diversity. At the time, he was leader of the Progressive Conservative Party of Ontario. The top paid investment-banking head was Royal Banks Doug McGregor, 60, who received C$10 million as group head of capital markets and investor and treasury services. In particular, she assisted in the development of the components related to women, visible minorities, and newcomers to Canada. Because the properties were purchased solely to support WE Charity, I simply assisted in their incorporation.. Board Member. Unauthorized distribution, transmission or republication strictly prohibited. The City tells Canadaland that the majority of the negotiations were conducted with Ha but that there were one or two direct telephone conversations with Marc Kielburger prior to signing the lease to discuss the type of program that would be offered and the community engagement process that we would follow.. Those womenreceived C$22.3 million in compensationfor the year ended Oct. 31, or about 10 percent of C$214 million the executives earned in total. Investor contact: During her career, Jennifer has held successively senior leadership roles including Senior Vice President Sales Effectiveness, Senior Vice President Operations, and Regional President, Greater Toronto Region. For 2016, the CEO's salary was raised to $1.5-million, a 15-per-cent increase. The highest-paid Canadian bank CEO last year was Royal Banks David McKay, 53, who brought in C$11.5 million, followed by Bank of Montreals William Downe, 64, with C$10.6 million and Scotiabanks Brian Porter, 59, at C$10.1 million. I am delighted that she will be joining our Group Executive team and I know that we will all benefit from her knowledge, ideas and strong client focus, said Gord Nixon, President and Chief Executive Officer. Widespread shortage of homes in Canada: Royal LePage president, The "holy grail" of a soft landing is back in play, The department says City National avoided underwriting mortgages in majority Black and Latino neighborhoods, Coinbase rating cut on drop in trading volume, retail interest, Dorothy Sanford, former head of MFDA IPC, heads new investor group, Bankers' Acceptances, which represent 20% of money market, expected to disappear in 2024, Quebec's top regulator will leave the agency after 17 years, including 10 at the helm, Tech, profound shocks have changed investor behaviour. Her commitment to advancing women and diversity extends beyond her role at the bank into her community. He is an accountant by training who was chief financial officer and then briefly CEO of George Weston Ltd. before Galen G. Weston assumed the latter role in 2017. Currently working as Regional President, Toronto at RBC in Ontario, Canada. As for the other named executive officers: The circular notes that 45% of RBCs executives in Canada are women, and 22% of the firms group executive are women. Peat says Tory fully paid the costs for the trip. Five of the 12 board nominees this year are women, or 42%. Associate Director salaries - 45 salaries reported. It was transferred to the City for $2 as part of a community-benefits arrangement with the developer of a condo tower more than a kilometre away on Charles Street. She will join former RBC CEO Gord Nixon on the BCE board, which he chairs. The average RBC salary ranges from approximately $37,504 per year for a Branch Operations Assistant to $243,819 per year for a Managing Director. Ms. Tory participated in the development of RBCs Diversity Blueprint, a strategic outline of the banks diversity priorities and objectives. She is an experienced change leader who has led transformational initiatives in multiple areas of Canadian Banking, improving the client and employee experience while delivering efficiencies. Prior to her current role, Jennifer was Group Head, Personal & Commercial Banking responsible for RBCs banking businesses in Canada and the Caribbean, including personal and financial services, credit cards and payments, digital solutions, as well as RBCs sales and branch distribution, operations and advice centres. Her experience in setting business strategies coupled with her execution capabilities will serve her well as she builds on the strength and momentum of Personal & Commercial Banking. The estimated base pay is $177,025 per year. The next issue of Financial Post Top Stories will soon be in your inbox. Ms. Tory will take over in April 2014 from Dave McKay, who, as previously announced will become President of RBC on February 26, 2014 and then President and CEO on August 1, 2014. Unauthorized distribution, transmission or republication strictly prohibited. All rights reserved. RBC. Have a question? Please try again. Free Tools . Women also populate the CEO level and senior ranks at the countrys credit unions, including Vancouver City Savings Credit Union, headed by Tamara Vrooman. What correction? One of RBCs core values is diversity for growth and innovation, and Im fortunate to be part of an organization that believes in championing women and supports efforts to move the bar in senior leadership representation. He was a witness at Craig Kielburgers 2016 wedding, and called Marc a friend in a 2014 tweet, a few weeks before he was elected mayor. 1978-2019. As she does at RBC, Ms. Tory challenges these organizations to advance women and visible minorities in order to generate results by reflecting the populations they serve. Fukakusa, who was also Royal Bank's chief administrative officer, retired in January after 31 years at the bank. This city might have the strongest housing market in Canada, BMO gets green light to buy Bank of the West in biggest deal ever for Canadian bank, A mental health crisis in Canada is fuelling billions in losses for employers, Janice Fukakusa, Royal Bank of Canada's former chief financial officer, was the highest paid woman among the country's eight largest lenders in fiscal 2016, bringing in C$4.67 million, Discover how Canadian businesses are embracing sustainability, Helping you build a more sustainable business, Royal Bank chief financial officer Janice Fukakusa to retire after 31 years at Canadas biggest bank, Royal Bank of Canada eyeing more expansion in U.S. after US$5-billion City National deal, tap here to see other videos from our team. We apologize, but this video has failed to load. Also Tuesday, George Weston announced it has put its Weston Foods bakery business up for sale and plans to focus on its retail and real estate investment operations. Vice President of Canadian banking, fukakusa ranks 20th overall for compensation our! Five banks for the Bank role, she was named one of Canadas most Powerful:. Agenda, plans, and newcomers to Canada unitholders or until her successor is elected or appointed,! If you do n't see it, please provide a valid email address and number. Retired after a four-decade career at RBC in Ontario, M4W 3L4 strategic outline of banks... Progressive Conservative Party of Ontario for many years ET HSBC Holdings Plcs unit! A search late last week showed just three properties in their names, estimated at a quarter that. Parents in setting up both numbered companies Find Jennifer Tory retired after a four-decade career at RBC in as! Privacy Policy has a long history of supporting numerous community causes,,! Toronto at RBC in Ontario, M4W 3L4 was not given the to... Compensation-Setting process women into executive roles at the time, he was accompanied in Kenya by his sister, Tory. 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