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Streetwise Geoff Beattie, Ed Sonshine stepping down as RBC directors

A Royal Bank of Canada logo is seen on Bay Street in the heart of the financial district in Toronto.

© Mark Blinch / Reuters

Geoff Beattie and Ed Sonshine are stepping down as board members at Royal Bank of Canada.

In a recent regulatory filing, RBC disclosed that Mr. Beattie and Mr. Sonshine, directors since 2001 and 2008, respectively, are not standing for re-election at the bank's annual meeting next month.

"On behalf of the board, we thank Geoff Beattie and Ed Sonshine for their years of dedicated service as directors," RBC wrote in the filing.

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"Mr. Beattie and Mr. Sonshine left in accordance with our tenure guidelines," an RBC spokesperson wrote in an e-mail to The Globe and Mail on Friday.

Both men have had long careers in corporate Canada.

Mr. Sonshine is long-term chief executive officer of RioCan Real Estate Investment Trust, the biggest REIT by market capitalization in Canada. He stepped down in accordance with RBC's governance rules, which generally see directors leave after age 70.

"I turned 70 in January," Mr. Sonshine said in an interview. "You want to make room for younger people," he added.

Mr. Beattie, meanwhile, is currently CEO of private investment firm Generation Capital, and also serves as a board member with General Electric Co.. He could not be immediately reached for comment.

Kathleen Taylor, who was named as a director in 2001 and promoted to chair in 2014, is now the longest-serving board member.

RBC, Canada's second-largest bank by assets, will hold its annual meeting on April 6 in Toronto.

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