Former RBC CEO elected to BlackRock’s board of directors

Share

It's starting to look as though New York-based BlackRock Inc. is being invaded by former Royal Bank of Canada executives. Gordon Nixon, RBC's former chief executive officer before his retirement a year ago, has been elected to BlackRock's board of directors, effective Oct. 6.

The news follows – by just one week – the appointment of Marcia Moffat as BlackRock's head of Canadian operations. Ms. Moffat had spent 12 years at RBC, most recently as head of home equity financing, meaning that Mr. Nixon was once her boss.

The announcements are significant moves for both executives: BlackRock is the world's largest investment manager, with $4.7-trillion (U.S.) in assets under management – $136-billion in Canada alone. It holds significant positions in many of the world's largest companies, from Apple Inc. and Google Inc. to Exxon Mobil Corp. and Coca-Cola Co., and also invests in sovereign debt, corporate bonds and commodities.

Mr. Nixon joins an 18-member board (he'll be the 19th) that includes a number of global heavyweights, including Laurence Fink, BlackRock's chairman and chief executive officer; John Varley, former CEO of Barclays PLC; Fabrizio Freda president and CEO of Estée Lauder Cos. Inc.; and Sir Deryck Maughan, former senior adviser at Kohlberg Kravis Roberts.

In announcing Mr. Nixon's election in a statement on Thursday, Mr. Fink made it clear that his arrival will serve BlackRock well: "With thirteen years at the helm of a leading global financial institution and one of Canada's largest public companies, Gordon brings invaluable expertise and perspective to BlackRock about the world at large and in-depth knowledge about the North American market. His experience growing a diversified, global financial services organization in today's regulatory and economic environment makes him an exceptional addition to our board."

Mr. Nixon is a director on a number of other boards, including BCE Inc., George Weston Ltd. and the Art Gallery of Ontario.