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W. Edmund Clark

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William Edmund "Ed" Clark
Born (1947-10-10) October 10, 1947 (age 77)
Toronto, Ontario
NationalityCanadian
Other namesEd Clark
EducationUniversity of Toronto (B.A.), Harvard University
OccupationFormer Chief Executive
Known forGroup President and Chief Executive Officer of TD Bank Group
Awards#47 on Harvard Business Review's 100 Best Performing CEOs in the World (2014)

Barron's magazine World's 30 Best CEOs (2012 & 2013) Ivey Business Leader of the Year by the Richard Ivey School of Business at the University of Western Ontario (2011) GTA Association of Fundraising Professionals (AFP) "Outstanding Philanthropist" award (2011) Canada's Outstanding CEO of the Year (2010) Order of Canada (2010) Egale's Leadership Award (2010)

Catalyst Canada Honour (2010)

Canadian Business Hall of Fame (2016)

William Edmund "Ed" Clark (born October 10, 1947) is the former president and chief executive officer of TD Bank Group. Clark was appointed to this role on December 20, 2002. Prior to this appointment, he was president and chief operating officer of TD Bank Group, a role he held since July 2000.[1] On April 3, 2013, Clark announced his intention to retire as president and CEO effective November 1, 2014 at age 67, after 12 years as CEO.[2] After his retirement, Clark worked as an adviser for Ontario Premier Kathleen Wynne and helped engineer the partial sale of Hydro One, which began in 2015.[3] Currently Clark is Chair of the Vector Institute for Articial Intelligence , which he helped to start.

Education

Clark graduated from the University of Toronto in 1969 with a Bachelor of Arts degree. He earned his master's degree and doctorate in economics from Harvard University in 1971 and 1974 respectively. Clark has also received honorary degrees from Mount Allison University, Queen's University,[4] the University of Western Ontario, University of Toronto, York University, and Ryerson University.

Career

Before banking

From 1974 to 1984, Clark held a number of senior positions in the federal government. This included helping to develop the National Energy Program. In 1982, he won the Outstanding Civil Servant of the Year award.[5]

Banking career

In 1985, he joined Merrill Lynch, and three years later was appointed chairman and chief executive officer of Morgan Financial Corporation. He joined Canada Trust Financial Services Inc. in 1991, rising to president and chief executive officer.

Following TD's acquisition of Canada Trust Financial Services in February 2000, Clark joined TD Bank Group as chairman and chief executive officer of TD Canada Trust. In this role, he oversaw the successful integration of the TD and Canada Trust banking operations. Clark then became president and chief operating officer of TD Bank Group in July 2000, and became president and chief executive officer of TD Bank Group on December 20, 2002 upon the retirement of A. Charles Baillie as chairman and chief executive officer while John W. Thompson was appointed as non-executive chairman.[6]

On April 3, 2013, Clark announced his intention to retire as president and CEO effective November 1, 2014 at age 67, after 12 years as CEO.[7] On November 1, 2014, Clark was succeeded in these roles by chief operating officer Bharat Masrani.

Appointments and community involvement

Clark has been a major donor to the United Way and was the 2010 Cabinet Chair for United Way Toronto. Clark was a member of the Chair's Advisory Council for Habitat for Humanity Toronto and has been a lead supporter. He provides support to WoodGreen Community Services, an organization that delivers programs to build sustainable communities in the Toronto area and has been a lead donor to Homeward Bound , a programme to help single mothers get a post secondary education and permanent jobs . He has been chair of the advisory board for the School of Public Policy and Governance at the University of Toronto and a major donor to the university.

In 2014, Clark was elected to the board of trustees of US public policy organization, the Brookings Institution.[8] He was also appointed chair of the Premier's Advisory Council on Government Assets by Premier Kathleen Wynne.[9]

Under the Wynne government, in 2015, he engineered the partial sale of Hydro One, as well as reforming the Alcohol and Gaming Commission of Ontario's Liquor Licence Act to allow six-packs of beer to be sold in Ontario grocery stores . The reforms also ensured better access for craft brewers to the Beer Store and opened up grocery stores to sell wine in a manner which helped small Ontario wineries and craft brewers .Prior to the sale of Hydro One, Clark stated that the plan would mean "good things for Ontario Hydro bills."[10] But following the sell-off, Ontario hydro rates continued to climb at an alarming rate, not as a result of the privatization but as a result of previous policies of emphasizing renewal energy and closing coal fired plants, prompting Ontario Premier Kathleen Wynne to issue an apology to families "who have had to choose between paying the electricity bill and buying food. Clark was also instrumental in helping Stelco emerge from bankruptcy and save 2500 jobs and reinforce pensions for more than 10,000 pensioners.

Clark was Chairman of the LCBO and helped oversee the OCS, the crown corporation set up to sell cannabis legally. He agreed to stay on to support the new government led by Doug Ford during the transition. He resigned effective Aug 30, 2018 and was thanked by the government for his helpful advice and support.

Recognition

In 2010 Clark was appointed to the Order of Canada for his "contributions to Canada's banking and financial industry, and for his voluntary and philanthropic endeavours".[11] Clark also received Eagle's Leadership Award in honour of his leadership in supporting LGBT communities, and the inaugural Catalyst Canada Honour, awarded to individuals who have made a critical and visible difference to women's advancement. Clark was also named Canada's Outstanding CEO of the Year in 2010.

In 2011, Clark was named Ivey Business Leader of the Year by the Richard Ivey School of Business at the University of Western Ontario. That same year, he was acknowledged by GTA Association of Fundraising Professionals (AFP) with the "2011 Outstanding Philanthropist" award. In 2012 and 2013, Clark was selected by Barron's magazine as one of the world's 30 best CEOs. Then in October 2014, the Harvard Business Review named Clark on its list of the 100 Top Performing CEOs in the World, ranking him #47.[12] In 2016 Clark was inducted into the Canadian Hall of Fame . In 2017 he received the Canadian Dealmakers Award .

Family

Clark and his wife Fran live in Toronto; they have four grown children and eleven grandchildren.

Speeches

Clark has been asked to speak at a number of prominent international events on a wide range of topics, including the Canadian economy, the banking industry, leadership values, and the importance of creating a diverse and inclusive culture in the workplace. The following is a selection of his remarks:

"Final Major Address as TD's CEO"[13] Remarks delivered at the Empire Club of Canada, Toronto, September 16, 2014

"Somewhere over the rainbow: a CEO's perspective on building an inclusive company"[14] Remarks delivered at the Economic Club of Canada coinciding with the WorldPride Human Rights Conference, Toronto, ON. June 25, 2014.

"Building a Better Banking System for America"[15] Remarks delivered at the Chief Executives' Club of Boston, Boston College, Boston. April 26, 2012

"Preserving The Things That Matter In A World Of Constrained Resources"[16] Remarks at the Ivey Business Leader Award Dinner, Toronto, ON. October 19, 2011

"The Shift in Leadership"[17] Remarks at Canada's Outstanding CEO Award Dinner, Toronto, ON. February 17, 2011

References

  1. ^ "Executive Profile-W. Edmund Clark". Businessweek. Retrieved 8 February 2013.
  2. ^ "TD Bank Group President and CEO Ed Clark to Retire". TD Bank Group. Retrieved 30 September 2014.
  3. ^ https://www.thestar.com/news/queenspark/2016/04/05/next-wave-of-hydro-one-shares-for-sale-soon.html
  4. ^ "W. Edmund Clark Distinguished Lecture Series on Public Policy". Queen's University. Retrieved 18 March 2013.
  5. ^ "How TD's 'Red Ed' Clark became a force in Canada". The Globe and Mail. Retrieved 24 April 2017.
  6. ^ "Executive Profile-W. Edmund Clark". Businessweek. Retrieved 8 February 2013.
  7. ^ "TD Bank Group President and CEO Ed Clark to Retire". TD Bank Group. Retrieved 30 September 2014.
  8. ^ "Brookings Announces New Trustees". the Brookings Institution. Retrieved 5 June 2014.
  9. ^ "Premier's Advisory Council on Government Assets". the Government of Ontario. Retrieved 15 October 2014.
  10. ^ http://www.cbc.ca/news/canada/toronto/will-ontario-s-hydro-one-sale-raise-your-electricity-rate-1.3038214
  11. ^ "Governor General announces 74 new appointments to the Order of Canada". The Governor General of Canada. Retrieved 17 June 2013.
  12. ^ "The Best-Performing CEOs in the World". The Harvard Business Review. Retrieved 15 October 2014.
  13. ^ "Final Major Address as TD's CEO". td.com. TD Bank Group. Retrieved 2014-10-15.
  14. ^ "Somewhere over the rainbow: a CEO's perspective on building an inclusive company". td.com. TD Bank Group. Retrieved 2014-10-15.
  15. ^ "Building a Better Banking System for America". td.com. TD Bank Group. Retrieved 2014-10-15.
  16. ^ "Preserving The Things That Matter In A World Of Constrained Resources". td.com. TD Bank Group. Retrieved 2014-10-15.
  17. ^ "The Shift in Leadership". td.com. TD Bank Group. Retrieved 2014-10-15.
Business positions
Preceded by
A. Charles Baillie
 Toronto-Dominion Bank CEO
2002-present

Compensation for 2009: $15,188,391

Succeeded by
Bharat Masrani
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