W. Edmund Clark
W. Edmund Clark | |
|---|---|
| Born | 10 October 1947 |
| Education | University of Toronto (BA) Harvard University (MA, PhD) |
| Spouse |
Frances Fletcher (m. 1969) |
William Edmund Clark CM (born October 10, 1947) is a retired Canadian banking executive who led Canada Trust as president from 1994 until 2000, and subsequently served as president of the Toronto-Dominion Bank from 2000 through 2014. On April 3, 2013, Clark declared his intention to retire as president and CEO effective November 1, 2014, concluding a 12-year tenure at TD at age 67.[1] Following his retirement, he provided counsel to Ontario Premier Kathleen Wynne, assisting with initiatives such as introducing grocery store sales of beer and wine and facilitating the partial privatization of Hydro One.[2]
Education
Clark completed his Bachelor of Arts degree at the University of Toronto in 1969. He then pursued graduate studies in economics at Harvard University, where he earned both a Master of Arts in 1971 and a PhD in 1974.
Public sector roles
Between 1974 and 1984, Clark occupied senior positions within the federal government, playing a part in developing the National Energy Program. His performance earned him the Outstanding Civil Servant of the Year award in 1982.[3] However, following a change in government leadership, he was dismissed from his role in 1985.[4]
Banking career
Clark entered the private banking sector in 1985 by joining Merrill Lynch. Three years later, in 1988, he was appointed chairman and CEO of Morgan Financial Corporation. In 1991, he transitioned to Canada Trust Financial Services Inc., ascending to president and CEO by 1994. During his leadership there, Canada Trust prioritized customer-centric strategies and expanded its market presence while becoming an early adopter of same-sex benefits policies within North America.
Following TD’s acquisition of Canada Trust in February 2000, Clark took on the roles of chairman and CEO for TD Canada Trust, successfully managing the integration process. In July that year, he was named president and COO of TD Bank Group, and on December 20, 2002, he succeeded A. Charles Baillie as president and CEO. Clark is widely recognized for steering TD into a leading position among North American retail banks and for skillfully navigating the institution through the challenges posed by the 2008 financial crisis without significant setbacks.
He stepped down from his position as president and CEO on November 1, 2014, with COO Bharat Masrani succeeding him.[5]
Post-TD activities
In 2015, under Premier Wynne’s administration, Clark acted as an advisor contributing to the partial privatization of Hydro One, Ontario’s electricity distribution utility.
He also led reforms of the Alcohol and Gaming Commission of Ontario along with modifications to the Liquor Licence Act, enabling grocery stores to sell six-packs of beer. This shift enhanced access for craft brewers and smaller wineries across Ontario by broadening retail distribution channels.
Clark produced a comprehensive report on e-health strategies aimed at improving Ontario’s healthcare system efficiency by lowering costs while enhancing patient outcomes.
Until June 30, 2017, he played an instrumental role supporting US Steel’s subsidiary Stelco through bankruptcy restructuring under Bedrock Industries’ ownership. His efforts helped preserve approximately 2,500 jobs and safeguarded pension plans covering over 10,000 retirees.
As Chairman of the LCBO, Clark oversaw the establishment of the Ontario Cannabis Store, created as the crown corporation responsible for legal cannabis sales. He remained in this capacity during the transition to Premier Doug Ford’s government before resigning effective August 30, 2018.
At present, Clark serves on the board of Thomson Reuters and acts as an advisor to Woodbridge. He holds the position of Deputy Chair at Spin Master, one of the largest global toy manufacturers. Additionally, he is a partner at Radical Ventures, an influential venture capital firm focusing on artificial intelligence startups. Clark also chairs the Vector Institute, a nonprofit organization dedicated to AI research, as well as Friends of Ruby, which supports youth identifying as 2SLGBTQA.
Appointments and community involvement
Clark is widely recognized for his philanthropic efforts, actively supporting numerous social organizations. He has played a key role as a major benefactor of the United Way and held the position of 2010 Cabinet Chair for United Way Toronto. His substantial contributions extend to Habitat for Humanity Toronto, and he is a dedicated advocate for the Fife House Foundation, which offers supportive housing and related services. Additionally, Clark backs WoodGreen Community Services, an organization focused on fostering sustainable communities within Toronto. He has been a principal donor to Homeward Bound, which assists single mothers pursuing post-secondary education and employment opportunities. A vocal supporter of the LGBT community, Clark is also a leading contributor to Friends of Ruby, an initiative providing counseling and housing for LGBT youth. He served as chair of the advisory board for the School of Public Policy and Governance at the University of Toronto, to which he is also a significant donor, alongside several hospitals.
In 2014, Clark joined the board of trustees for the prominent US public policy institution Brookings Institution.
Recognition
Clark has been honored with honorary doctorates from Mount Allison University, Queen's University, the University of Western Ontario, University of Toronto, York University, and Ryerson University.
His appointment to the Order of Canada in 2010 acknowledged his impactful contributions to Canada's banking industry and philanthropic initiatives. Clark earned Egale's Leadership Award for his dedication to supporting LGBT communities and was the first recipient of the Catalyst Canada Honour for promoting women’s leadership. He was awarded Canada's Outstanding CEO of the Year in 2010 and received another CEO of the Year accolade from a separate organization in 2013.
In 2011, Clark was recognized as Ivey Business Leader of the Year by the Richard Ivey School of Business at the University of Western Ontario, along with receiving the "Outstanding Philanthropist" award from the GTA Association of Fundraising Professionals. Barron's magazine included him among the top 30 CEOs worldwide in both 2012 and 2013. The Harvard Business Review ranked him #47 on its global list of 100 Top Performing CEOs in October 2014. Clark was inducted into the Canadian Business Hall of Fame in 2016 and honored with the Canadian Dealmakers Award in 2017.
Family
Clark lives in Toronto with his wife Fran; together they have four adult children and twelve grandchildren.
Speeches
Clark has been invited to deliver keynote speeches at significant international gatherings, addressing subjects such as Canada's economy, banking industry trends, leadership principles, and workplace diversity. Notable presentations include:
- "The Shift in Leadership" – Canada's Outstanding CEO Award Dinner, Toronto, February 17, 2011
- "Preserving The Things That Matter In A World Of Constrained Resources" – Ivey Business Leader Award Dinner, Toronto, October 19, 2011
- "Building a Better Banking System for America" – Chief Executives' Club of Boston, Boston College, April 26, 2012
- "Somewhere over the rainbow: a CEO's perspective on building an inclusive company" – Economic Club of Canada/WorldPride Human Rights Conference, Toronto, June 25, 2014
- "Final Major Address as TD's CEO" – Empire Club of Canada, Toronto, September 16, 2014
- “AI is Working” – Canadian Club, Toronto, December 13, 2018
External links
- 1947 births
- Living people
- Businesspeople from Toronto
- Canadian bank presidents
- 20th-century Canadian civil servants
- Harvard Graduate School of Arts and Sciences alumni
- Members of the Order of Canada
- Members of the Steering Committee of the Bilderberg Group
- University of Toronto alumni
- Toronto-Dominion Bank presidents
- Canadian chief executives
- Merrill (company) people
- Chief executives in the finance industry
- Brookings Institution people