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RBC mourns loss of former CEO & Chairman
Rowland C. Frazee Dies At 86
TORONTO, July 30, 2007 — RBC today marked the
passing of Rowland Cardwell Frazee, who passed away on July
29. Mr. Frazee was chairman and CEO of Royal Bank of Canada
from 1980 to 1986.
"Rowland Frazee presided over RBC during one of the
more challenging periods of our history, and his leadership
was invaluable to our company, our industry and our country,"
said Gordon M. Nixon, RBC's president and CEO. "I would
like to extend the sincere condolences of all employees and
directors, past and present, to his family and recognize Rowland's
outstanding contribution during his long career with the bank."
Mr. Frazee led RBC during the turbulent 1980s -- which saw,
among other things, the beginning of the globalization
of business, the collapse of the four pillars of Canadian
finance, plunging energy prices, and soaring interest rates.
Known as the banker with a social conscience, Mr. Frazee was
a champion of corporate philanthropy and community investment,
and was responsible for creating RBC's leading-edge focus
on corporate social responsibility. He also played a statesman's
role for the Canadian banking industry, and made concern for
the public interest one of the pillars of his management philosophy.
Born in Halifax in 1921, Mr. Frazee spent his entire business
career with RBC. He first joined in 1939, working at the branch
in St. Stephen, New Brunswick, where his father was the manager.
He took a leave of absence during the Second
World War to serve his country with the Carlton and York
Regiment, First Canadian Infantry Division, with whom he participated
in the July 1943 allied landings in Sicily. Wounded three
times, Mr. Frazee distinguished himself in the Italian Campaign
and in northwest Europe, retiring in 1945 with the rank of
Major. After the war, Mr. Frazee studied at Dalhousie University
in Halifax where he graduated with a Bachelor of Commerce
degree in 1948, at which time he returned to the bank.
During his long and varied career at RBC, Rowland Frazee
served in a number of increasingly more senior positions, and
was eventually named president in 1977, chief executive officer
in 1979, and assumed the role of chairman and chief executive
officer in 1980. Mr. Frazee retired from the bank in 1986, but
remained a member of the board of directors until 1992. He was
appointed a Companion of the Order of Canada in 1991, and was
inducted into the New Brunswick Business Hall of Fame in 2001.
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Media contacts:
Beja Rodeck, Director, Media & Public Relations, 416-974-5506
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