Wallace McCain
Wallace McCain | |
|---|---|
| Born | April 9, 1930 Florenceville-Bristol, New Brunswick, Canada |
| Died | May 13, 2011 (aged 81) Toronto, Ontario, Canada |
| Occupation(s) | Entrepreneur, Businessman |
| Known for | Co-founder of McCain Foods |
| Spouse | Margaret McCain (m. 1955) |
George Wallace Ferguson McCain (April 9, 1930 – May 13, 2011) was a prominent Canadian entrepreneur and one of the founders of McCain Foods. In 2018, his net worth was estimated at US$4.15 billion, positioning him as the 13th wealthiest individual in Canada and 512th worldwide according to Forbes.
Early life
Born in Florenceville-Bristol, New Brunswick, Canada, McCain was the son of Andrew Davis McCain, whose lineage traced back to Irish immigrants from Castlefinn, Donegal. The family had established a thriving seed potato farming enterprise that, since 1900, distributed seed potatoes throughout New Brunswick and exported them to markets in Cuba and Latin America.
Education
McCain earned a Bachelor of Arts degree from Mount Allison University in 1951. Demonstrating his ongoing commitment to his alma mater, he contributed a record $873,000 in 2007. On February 21, 2011, he made a $5 million donation to the University of New Brunswick, Saint John campus, founding the Wallace McCain Institute—a program dedicated to fostering business education and entrepreneurship.
Career
In 1956, Wallace McCain and his brother Harrison McCain established McCain Foods, which grew into one of the largest frozen food producers globally. During the 1990s, a legal conflict regarding company succession resulted in Wallace’s sons, Michael and Scott, leaving McCain Foods. Subsequently, Wallace and his sons joined Maple Leaf Foods.
The brothers Wallace and Harrison experienced estrangement following this dispute but reconciled in 2004. Wallace also played a mentorship role for non-family executives at McCain Foods.
After departing from McCain Foods, Wallace collaborated with the Ontario Teachers' Pension Plan to acquire Maple Leaf Foods in 1995. He assumed the position of chairman while his son Michael currently holds the CEO role.
Death
Wallace McCain passed away on May 13, 2011, at age 81 due to pancreatic cancer; he resided in Toronto, Ontario at the time. Together with Margaret McCain, he donated $5 million to create The Wallace McCain Centre for pancreatic cancer at Princess Margaret Cancer Centre, aimed at advancing research and accelerating diagnostic methods.
Personal life
In 1955, he married Margaret McCain, who became New Brunswick’s first female Lieutenant Governor.
Accolades
In recognition of his entrepreneurial achievements in Atlantic Canada, McCain was appointed Officer of the Order of Canada in 1995 and elevated to Companion status in 2008. His inductions include the Canadian Business Hall of Fame (1993) and the New Brunswick Business Hall of Fame (1997). He was also awarded the Order of New Brunswick in 2003.
His honorary degrees were conferred by institutions such as Mount Allison University, the University of King's College, the University of New Brunswick, the University of Toronto, and St. Francis Xavier University.
External links
- 1930 births
- 2011 deaths
- Businesspeople from New Brunswick
- Businesspeople from Toronto
- Companions of the Order of Canada
- Members of the Order of New Brunswick
- Deaths from pancreatic cancer in Ontario
- People from Carleton County, New Brunswick
- Mount Allison University alumni
- Canadian billionaires
- Canadian company founders
- Canadian people of Ulster-Scottish descent