Joao Pedro Reinhard, who stepped down Thursday as a director of Colgate-Palmolive Co. and Royal Bank of Canada, was charged last month in Canada with possession of cocaine.
Reinhard, 70, who lives in Key Biscayne, Florida, was charged on Feb. 23 in Mississauga, west of Toronto, for unlawful importing and possession of cocaine under Canada’s Controlled Drugs and Substances Act, according to the Royal Canadian Mounted Police.
Toronto-based Royal Bank said in a statement Thursday that Reinhard resigned from the board effective immediately, without giving a reason. Reinhard has been a director at Canada’s biggest bank since 2000.
“This is a matter between the authorities and Mr. Reinhard,” Royal Bank spokeswoman Claire Holland said in an e– mailed statement. “We can provide no further comment.”
Reinhard also stepped down from the Colgate-Palmolive board, according to a March 10 company filing. Allison Klimerman, a company spokeswoman, didn’t immediately provide further comment.
Reinhard, who was an executive vice president and chief financial officer of The Dow Chemical Co. from 1996 to 2005, is also a former director of Coca-Cola Co.
Calls and a fax to Reinhard’s Florida home weren’t returned.
Reinhard’s resignation comes about a month before Royal Bank’s annual general meeting on April 6, when his current term as director was set to expire. Reinhard wasn’t seeking renewal this year, according to proxy circular filings.
Reinhard was charged a day before the bank reported fiscal second-quarter results, on Feb. 24. The bank’s board typically meets before results are released.Report Typo/Error