Janice Fukakusa

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Janice Fukakusa
Born1955 (age 65–66) [1]
EducationB.A. Political Science and Philosophy
Master in Business Administration
Alma materUniversity of Toronto,
Schulich School of Business
OccupationBusiness executive, University chancellor
Known forFormer CFO of RBC,
Founding chairperson of the Canada Infrastructure Bank,
Chancellor of Ryerson University

Janice Fukakusa (born 1955) is a Canadian businesswomen and executive, and currently serves as the chancellor of Ryerson University. She served as Chief financial officer and Chief administrative officer of the Royal Bank of Canada. Following her retirement from the bank in 2017 after the 31-year career, she joined 15 corporate, non-profit and government boards. She was notably part of the Canada Infrastructure Bank's board of directors as the founding chairperson, a position she held from 2017 to 2020.

Early life and education[]

Janice Fukakusa was born in 1955 in a family of 8 children. Her parents were Japanese immigrants to Canada, and her father was an entrepreneur.[2] Her first job was being a cashier at a dry cleaning business.[3]

Fukakusa studied at the University of Toronto where she receive a Liberal Arts Bachelor's degree in Political science and Philosophy. She the studied to become a chartered accountant and obtained a Master of Business Administration at York University's Schulich School of Business in 1979.[2][3]

Career[]

After her studies, Janice Fukakusa made her first forays in the corporate world with a job in the auditing department of PricewaterhouseCoopers. She then transferred to the business valuation sector of the firm. She describes the latter job as a "pretty good springboard for me into the financial services and banking sector".[4]

RBC[]

In 1985, Fukakusa started to work at the Royal Bank of Canada (RBC) in mergers and acquisitions.[4] Over the years, she worked in retail banking, corporate finance, business banking and treasury within RBC.[5] In 2004, she was appointed chief financial officer of the bank, and also became chief administrative officer in 2009.[6] She says that, in these roles, she worked to diverisfy the upper echelons of the bank to include more women and people of diverse backgrounds, and coached multiple women to take leadership roles at RBC.[4]

In 2007, Fukakusa was inducted into Canada's Most Powerful Women Hall of Fame.[7] In 2013, Fukakusa took part in the administration of RBC's acquisition of Ally Canada, the canadian operations of Ally Financial, which were fully integrated into RBC.[2][8] In 2014, she was nominated as Canada's CFO of the Year by Financial Executives Canada, PricewaterhouseCoopers and Robert Half.[9] That year, she earned C$4.96 million in compensation excluding pension, the highest she made in one year.[10]

For four consecutive years from 2013 to 2016, the American Banker magazine named Fukakusa one of the 25 Most Powerful Women in Banking.[7] She retired from RBC on January 31, 2017, after a 31-years career at the bank.[6] Upon her retirement, she was Canada's highest-paid female banking executive, with revenues of C$4.67 million dollars in 2016.[10]

Board member[]

Following her retirement from RBC, Janice Fukakusa has been part of 15 corporate, non-profit and government board.[1]

Canada Infrastructure Bank[]

In July 2017, Fukakusa became the founding chairperson of the board of directors of the Canada Infrastructure Bank (CIB).[11] She says she "spent a lot of the first six months just setting up base infrastructure, premises, governance in place, all of that".[4] She also took part in selecting the rest of the board of directors, executives, and investment staff.[4]

The CIB came under heavy criticism during Fukakusa's tenure as chairperson of the bank. Some right-wing groups criticized its slow approval process, while left-wing organisations objected to its mandate of promoting public–private partnerships. Both the Conservative Party and the New Democratic Party, Canada's two main opposition parties, promised to wind it down if they were elected in the 2019 Canadian federal election.[12] That fall, Fukakusa announced her intention to step down from the bank leadership. She eventually left the CIB in April 2020.[13]

Ryerson University[]

In 2018, Janice Fukakusa became Ryerson University's fifth Chancellor and first female Chancellor.[7]

Other[]

As of 2021, Janice Fukakusa is notably part of the board of directors of Loblaw Companies, Brookfield Asset Management, RioCan Real Estate Investment Trust, the Schulich School of Business and Cineplex Entertainment.[1] In the latter position, she earns C$120,000 per year as the Independent Director of Cineplex.[14]

References[]

  1. ^ Jump up to: a b c "Janice Fukakusa, Board Chair & Interim Chief Executive Officer at The Princess Margaret Cancer Foundation - Relationship Science". relationshipscience.com. Retrieved 2021-07-18.
  2. ^ Jump up to: a b c "An interview with Janice Fukakusa, one of the most powerful women in banking". Nikkei Voice | The Japanese Canadian National Newspaper. 2015-11-20. Retrieved 2021-07-18.
  3. ^ Jump up to: a b "Janice Fukakusa (MBA '79)". Schulich School of Business. Retrieved 2021-07-18.
  4. ^ Jump up to: a b c d e "A profile of Janice Fukakusa, chair of the Canada Infrastructure Bank". Benefits Canada.com. 2019-09-13. Retrieved 2021-07-18.
  5. ^ "RBC CFO Janice Fukakusa to retire after 31 years at bank - BNN Bloomberg". BNN Bloomberg. The Canadian Press. 2016-10-21. Retrieved 2021-07-18.
  6. ^ Jump up to: a b "RBC's CFO Janice Fukakusa to retire". The Globe and Mail. The Canadian Press. 21 October 2016. Retrieved 2021-07-18.
  7. ^ Jump up to: a b c "Janice Fukakusa, Chancellor". Ryerson University. Retrieved 2021-07-18.
  8. ^ "RBC to close accounts at newly acquired Ally Financial". CBC News. The Canadian Press. February 20, 2013.
  9. ^ PricewaterhouseCoopers. "Janice Fukakusa, PwC alumnus, wins CFO of the year for 2014". PwC. Retrieved 2021-07-18.
  10. ^ Jump up to: a b "RBC's Janice Fukakusa sets pay benchmark for Canada's female bankers". financialpost. 13 March 2017. Retrieved 2021-07-18.
  11. ^ "Janice Fukakusa announced as new chair of Canada Infrastructure Bank". CBC News. The Canadian Press. 6 July 2017.
  12. ^ Curry, Bill (July 30, 2019). "Canada Infrastructure Bank executive Nicholas Hann resigns amid growing industry frustration with pace of project approvals". The Globe and Mail. Retrieved 2020-06-29.
  13. ^ Cartier, Ashleigh (2020-04-06). "La Banque de l'infrastructure du Canada annonce des changements à sa direction". Canada Infrastructure Bank - Banque de l'infrastructure du Canada (in French). Retrieved 2021-07-18.
  14. ^ "Janice Fukakusa Net Worth (2021) – wallmine.com". ca.wallmine.com. Retrieved 2021-07-18.
Preceded by
Position created 		Chairperson of the Canada Infrastructure Bank
July 2017 – April 2020 		Succeeded by
Michael Sabia
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