John Cleghorn
Encyclopedia
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
.
Born in Montreal, Quebec, he graduated from Westmount High School
and received a B.Com
from McGill University
in 1962. While at McGill, he was a defensive lineman for the McGill Redmen
football
team that won the national championship. In 1964, he became a Chartered Accountant
and subsequently a Fellow of the Institute of Chartered Accountants of Ontario
and Quebec
.
He joined the Royal Bank in 1974, becoming President in 1986, Chief Operating Officer in 1990, Chief Executive Officer in 1994, and Chairman in 1995. A champion of corporate restraint, he sold off the corporate jet, closed the executive dining rooms, and ended the use of the executive limousines. He frequently rode the subway or flew economy class in order to interact with customershttp://www.mcgill.ca/reporter/37/04/cleghorn/. He also took part in merger talks with Matthew Barrett
, Chairman and CEO of the Bank of Montreal
, though Finance Minister Paul Martin
later blocked the proposed arrangement. He retired as Chairman and CEO in 2001, and was succeeded by Gordon Nixon
.
He has been a Chairman of the Board of SNC-Lavalin
and was a Director of Finning International and Nortel Networks. He played an influential role in the Nortel board meeting that forced CEO Frank Dunn
and two other senior executives to resign in April 2004 after financial results were misrepresented.
From 1996 to 2003, he was chancellor of Wilfrid Laurier University
. He has also been a member of McGill University
's Board of Governors for many years. He holds honorary degrees from Acadia
, Bishop's
, McGill and Wilfrid Laurier Universities.
In 2001, he was made an Officer of the Order of Canada
, and was inducted into the Canadian Business Hall of Fame
in 2008.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
businessman and former Chairman and Chief Executive Officer of the 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,...
from 1994 until 2001. He is currently Chairman of the Board of Canadian Pacific Railway
Canadian Pacific Railway
The Canadian Pacific Railway , formerly also known as CP Rail between 1968 and 1996, is a historic Canadian Class I railway founded in 1881 and now operated by Canadian Pacific Railway Limited, which began operations as legal owner in a corporate restructuring in 2001...
.
Born in Montreal, Quebec, he graduated from Westmount High School
Westmount High School
Westmount High School is a public secondary school located at 4350 St. Catherine St. West in Westmount, Quebec, Canada.-Notable graduates:* John E...
and received a B.Com
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...
from McGill University
McGill University
Mohammed Fathy is a public research university located in Montreal, Quebec, Canada. The university bears the name of James McGill, a prominent Montreal merchant from Glasgow, Scotland, whose bequest formed the beginning of the university...
in 1962. While at McGill, he was a defensive lineman for the McGill Redmen
McGill Redmen
The McGill Redmen CIS football team is one of the oldest in all of Canada, having begun organized competition in 1898. The team has appeared in three Vanier Cup national championships, in 1969, 1973 and 1987, with the Redmen finally winning the title in the 1987 game...
football
Canadian football
Canadian football is a form of gridiron football played exclusively in Canada in which two teams of 12 players each compete for territorial control of a field of play long and wide attempting to advance a pointed prolate spheroid ball into the opposing team's scoring area...
team that won the national championship. In 1964, he became a Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
and subsequently a Fellow of the Institute of Chartered Accountants of Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
and Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
.
He joined the Royal Bank in 1974, becoming President in 1986, Chief Operating Officer in 1990, Chief Executive Officer in 1994, and Chairman in 1995. A champion of corporate restraint, he sold off the corporate jet, closed the executive dining rooms, and ended the use of the executive limousines. He frequently rode the subway or flew economy class in order to interact with customershttp://www.mcgill.ca/reporter/37/04/cleghorn/. He also took part in merger talks with Matthew Barrett
Matthew Barrett
Matthew William Barrett, is an Irish Canadian banker who until 2006 was the Chairman of Barclays Bank.Born in County Kerry, Ireland, he attended the Christian Brothers School in Kells, County Meath, and attended the Harvard Business School Advanced Management Programme in 1981.He started his...
, Chairman and CEO of the Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
, though Finance Minister Paul Martin
Paul Martin
Paul Edgar Philippe Martin, PC , also known as Paul Martin, Jr. is a Canadian politician who was the 21st Prime Minister of Canada, as well as leader of the Liberal Party of Canada....
later blocked the proposed arrangement. He retired as Chairman and CEO in 2001, and was succeeded by Gordon Nixon
Gordon Nixon
Gordon M. "Gord" Nixon, CM, O.Ont is a Canadian business executive and investment banker. He is the President, CEO and Director of Royal Bank of Canada.-Early life:...
.
He has been a Chairman of the Board of SNC-Lavalin
SNC-Lavalin
SNC-Lavalin Group Inc. is a large Canadian engineering firm. It is one of the ten largest engineering firms in the world and is based in Montreal, Quebec. It formed in 1991 from the merger of SNC and the failing Lavalin, another Quebec based engineering firm....
and was a Director of Finning International and Nortel Networks. He played an influential role in the Nortel board meeting that forced CEO Frank Dunn
Frank Dunn
Frank A. Dunn is a Canadian business executive who was the Chief Executive Officer of Nortel Networks. In 2007, the U.S. Securities and Exchange Commission filed civil fraud charges against him, and three former senior executives, in a wide-ranging financial fraud scheme.Dunn joined Nortel Networks...
and two other senior executives to resign in April 2004 after financial results were misrepresented.
From 1996 to 2003, he was chancellor of Wilfrid Laurier University
Wilfrid Laurier University
Wilfrid Laurier University is a university located in Waterloo, Ontario, Canada. It also has campuses in Brantford, Ontario, Kitchener, Ontario and Toronto, Ontario and a future proposed campus in Milton, Ontario. It is named in honour of Sir Wilfrid Laurier, the seventh Prime Minister of Canada....
. He has also been a member of McGill University
McGill University
Mohammed Fathy is a public research university located in Montreal, Quebec, Canada. The university bears the name of James McGill, a prominent Montreal merchant from Glasgow, Scotland, whose bequest formed the beginning of the university...
's Board of Governors for many years. He holds honorary degrees from Acadia
Acadia University
Acadia University is a predominantly undergraduate university located in Wolfville, Nova Scotia, Canada with some graduate programs at the master's level and one at the doctoral level...
, Bishop's
Bishop's University
Bishop's University is a predominantly undergraduate university in Lennoxville, Sherbrooke, Quebec, Canada. Bishop's is one of three universities in the province of Quebec that teach primarily in the English language...
, McGill and Wilfrid Laurier Universities.
In 2001, he was made an Officer 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...
, and was inducted into the Canadian Business Hall of Fame
Canadian Business Hall of Fame
The Canadian Business Hall of Fame honours "Canada's most distinguished business leaders", selected by an independent panel representing Canadian business, academic and media institutions....
in 2008.