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J. Pedro Reinhard has resigned in the board of Royal Bank of Canada, where he served being an independent director.
Reinhard, 70, former chief financial officer from the Dow Chemical Co., joined RBC’s board in 2000. He was also a director at Colgate-Palmolive Co.
A spokesperson for that bank said Reinhard resigned for “personal reasons.”
Another board member, Victor Young, will not be standing for re-election in the RBC’s annual meeting in Montreal on April 6.
“Vic Young has reached no more his tenure upon turning 70 years of age and for that reason, in accordance with our tenure policy, he will not be meaning re-election,” Claire Holland, the bank spokesperson, said in an email.
Fourteen directors will stand or re-election to the board of Canada’s largest bank by market capitalization, based on a proxy circular filed now in front of the annual meeting.
