L. Stuart Mackersy
Lindsay Stuart Mackersy | |
|---|---|
| Born | Template:Birth date Edinburgh, Scotland |
| Died | July 19, 1973 (aged 82) Toronto, Canada |
| Occupation | Banker |
| Years active | 1911–1966 |
| Known for | President and chairman of Imperial Bank of Canada; inaugural chairman of Canadian Imperial Bank of Commerce |
Lindsay Stuart Mackersy (21 April 1891 – 19 July 1973) was a banker of Scottish-Canadian heritage who held the positions of president (1953–1956) and chairman (1956–1961) at the Imperial Bank of Canada. Following this, he became the inaugural chairman of the Canadian Imperial Bank of Commerce (CIBC) from 1961 until 1963.
Beginning his banking profession with the Imperial Bank in 1911, Mackersy paused to serve as an artillery officer during World War I. Upon returning, he progressed through various leadership roles within the bank. In 1943, he was relocated to the Toronto head office, where he was elevated to president in 1953 and then chairman in 1956. Mackersy played a pivotal role in initiating merger negotiations in October 1960 that culminated in the establishment of CIBC. After the merger in 1961, he served as CIBC's first chairman until 1963, stepped down from the board in 1966, and passed away at age 82 in 1973.
Early life and military service
Mackersy was born in Edinburgh on 21 April 1891 to parents William Robert Mackersy and Mary Luke Callum. He emigrated to Canada in 1911 and joined the Imperial Bank's Toronto branch that December, initially working in Red Deer, Alberta.
During the First World War, he served as an officer with the Royal Garrison Artillery, seeing action in Malta and France, and was honored with the Military Cross for his service.
Career
Following his military service, Mackersy resumed his banking career in Vancouver. He advanced through a series of accounting and management positions: starting as an accountant in Nelson (1923), then serving as accountant and assistant manager in Edmonton (1927–1929), followed by assistant western superintendent in Winnipeg (1936), where he later became manager in 1942. In 1943, he transferred to the Toronto headquarters, taking on roles such as general supervisor, assistant general manager (1944), general manager (1950), and director (1951). After the sudden passing of Iredell Killaly Johnston, Mackersy was appointed president in 1953 and elevated to chairman three years later.
In October 1960, wary of a possible acquisition attempt by Barclays Bank Canada, Mackersy discreetly commenced merger talks with Neil John McKinnon of the Canadian Bank of Commerce. These negotiations resulted in the June 1961 merger that created CIBC. Following this, McKinnon assumed the presidency while Mackersy became chairman of the newly formed institution. He held the chairman position until May 1963 and retired from the board by December 1966.
Personal life
Mackersy married Gladys Kyle Osborn (1893–1965) on 14 September 1918 at Christ Church Crewe. She hailed from Nantwich, Cheshire. The couple had three daughters: Monica (1923–2008), Joan (died 2003), and Anne. Lindsay Stuart Mackersy died in Toronto on 19 July 1973 at age 82.