12/05/2013 06:24 EST | Updated 02/04/2014 05:59 EST

RBC's Gordon Nixon To Retire, Replaced By Dave McKay As New CEO

Bloomberg via Getty Images
Gordon Nixon, president and chief executive officer of Royal Bank of Canada, listens while Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., unseen, speaks at the Canadian Club of Toronto in Toronto, Ontario, Canada, on Wednesday, Sept. 19, 2012. Blankfein said he would invest in real estate as central banks around the world focus on avoiding deflation. Photographer: Norm Betts/Bloomberg via Getty Images
TORONTO, Cananda - Royal Bank of Canada president and CEO Gordon Nixon announced Thursday that he will retire on Aug. 1, 2014 after 13 years as head of Canada's largest bank.

Dave McKay, the group head of RBC personal and commercial banking, will be appointed president at the bank’s annual meeting on Feb. 26, 2014.

The RBC board of directors will then name him CEO effective Aug. 1, 2014, the bank announced along with its fourth-quarter financial results.

Bank chairman David O'Brien says Nixon has had a ”remarkable career” at RBC and earnings and market share have increased significantly during his tenure.

O’Brien also noted that Nixon has led the bank to strong earnings growth during the ‘‘most challenging financial crisis since the Great Depression.‘‘

Under Nixon, said O‘Brien, RBC earnings have grown from $2.4 billion to $8.4 billion, and generated compounded total return to shareholders of 13.5 per cent a year.

”I am confident that Dave McKay's outstanding leadership and financial services experience will continue to drive RBC's industry leadership and growth,” said Nixon in a statement.

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