RBC’s long-time CFO Janice Fukakusa to retire

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Within Royal Bank of Canada's upper echelons, there is an unwritten, but widely-respected rule: Never be late for chief financial officer Janice Fukakusa's meetings.

Fellow executives joke about the consequences, but they also dare not test the rule. Ms. Fukakusa runs a tight ship, and no one messes with the process – largely out of respect. She's been CFO since 2004, which means she's endured all the financial crisis battle wounds, and still come out on top.

Her energy and smarts have also commanded deference. Former chief executive officer Gord Nixon, who appointed her CFO, used to refer to Ms. Fukakusa as "a rock." On Friday, he reiterated how important she was within the organization.

"A CEO needs someone they can trust, rely on for straight-forward advice and get tough jobs done. For me, Janice was that person," he said, adding that she had an incredible grasp of the complexities in financial services.

That she's leaving now, after 31 years with the bank, isn't much of a surprise. It's rare for a group executive to be in the same role for 12 years like she has been. Dave McKay, the bank's current CEO, assumed his position in August, 2014, and Ms. Fukakusa has helped foster a healthy transition since.

However, her departure adds to the – arguably healthy – turnover in the bank's highest ranks. CEO Dave McKay used to run personal and commercial banking, and Jennifer Tory took over when he was promoted. Last year former wealth management head George Lewis took a step back and Canadian investment banking head Doug Guzman took over. With Ms. Fukakusa leaving, another of the bank's top officers is changing.

Taking her place is Rod Bolger, currently an executive vice-president in the finance department. An American, Mr. Bolger joined RBC in 2011 after working for Bank of America and Citigroup. He previously worked at PricewaterhouseCoopers LLP.

Ms. Fukakusa also got her start at PwC back in the day, joining RBC in 1985 as a mergers and acquisitions analyst. Throughout her career she took on more senior roles, including chief internal auditor and senior vice-president of multinational banking. In 2009, she added the role of chief administrative officer.

Long known for her hustle, which included showing up at the office by 6:30 most mornings, Ms. Fukakusa rose to become one of the most senior women on Bay Street. She is also the chair of Ryerson University's board of governors.