Janice Fukakusa
Janice R. Fukakusa | |
|---|---|
| Born | 1955 Canada |
| Occupation(s) | Business executive, university chancellor |
| Years active | 1979–present |
| Known for | Chief financial officer and chief administrative officer at Royal Bank of Canada; Chancellor of Toronto Metropolitan University; founding chairperson of Canada Infrastructure Bank |
Janice R. Fukakusa (born 1955) is a prominent Canadian business leader who held the position of chancellor at Toronto Metropolitan University between 2018 and 2024. She occupied the roles of chief financial officer and chief administrative officer at the Royal Bank of Canada (RBC) for eight years. Following her retirement in 2017 after a 31-year career with RBC, she joined the boards of 15 organizations spanning corporate, non-profit, and governmental sectors. Among her notable appointments was serving as the inaugural chairperson of the Canada Infrastructure Bank from 2017 until 2020.
Early life and education
Born in 1955 as one of eight siblings, Fukakusa is the daughter of Japanese immigrants who settled in Canada. Her father was an entrepreneur. Her initial employment was as a cashier at a dry cleaning establishment.
She obtained a Bachelor of Arts degree in political science and philosophy from the University of Toronto, followed by her qualification as a chartered accountant. In 1979, she completed a Master of Business Administration at York University's Schulich School of Business.
PricewaterhouseCoopers (PWC)
Following her academic pursuits, Janice Fukakusa began her professional journey in auditing and business valuation at PricewaterhouseCoopers. She regarded her experience in valuation as a valuable foundation for entering the fields of financial services and banking.
RBC
In 1985, Fukakusa joined the Royal Bank of Canada (RBC), initially working within mergers and acquisitions. Over time, she progressed through various areas including retail banking, corporate finance, business banking, and treasury management. She was named chief financial officer in 2004 and later took on the role of chief administrative officer in 2009. Throughout her leadership tenure, she prioritized enhancing diversity within senior management ranks and actively supported the development of female leaders at RBC.
In recognition of her influence, Fukakusa was inducted into Canada's Most Powerful Women Hall of Fame in 2007. She played an instrumental role in RBC's acquisition and integration of Ally Canada in 2013. The following year, she received a nomination for Canada's CFO of the Year by Financial Executives Canada, PwC, and Robert Half, earning C$4.96 million—the highest annual compensation achieved during her career.
From 2013 to 2016, American Banker magazine included her among the 25 Most Powerful Women in Banking. She concluded her career at RBC on January 31, 2017, marking 31 years with the institution as Canada's top-earning female banking executive with C$4.67 million in revenue for 2016.
Board member
Since stepping down from RBC, Janice Fukakusa has contributed to governance by serving on boards across fifteen corporate, non-profit, and government entities.
Canada Infrastructure Bank
In July 2017, Fukakusa was named the founding chairperson of the board for the Canada Infrastructure Bank (CIB). Her leadership focused on laying down essential infrastructure frameworks, governance policies, and assembling the board members along with executive and investment teams. During her chairmanship, the CIB encountered criticism: conservative factions pointed to delays in project approvals while progressive groups opposed its emphasis on public–private partnerships. Both the Conservative Party and the New Democratic Party committed to dismantling the CIB if elected in 2019. Fukakusa announced her intention to leave in late 2019 and officially departed from the bank in April 2020.
Toronto Metropolitan University
In 2018, Fukakusa was appointed as the fifth chancellor of Ryerson University, becoming the first woman to occupy this position. Throughout her leadership, the institution underwent a significant rebranding in 2022, adopting the name Toronto Metropolitan University. Her chancellorship concluded in September 2024.
Other
By 2021, Janice Fukakusa held board memberships with several prominent organizations, including Loblaw Companies, Brookfield Asset Management, RioCan Real Estate Investment Trust, the Schulich School of Business, and Cineplex Entertainment. In her capacity as an Independent Director at Cineplex, she receives an annual remuneration of C$120,000.