Well-known director to leave bank

Well-known director to leave bank

Well-known director to leave bank J Pedro Reinhard has had an illustrious – if, at times, slightly controversial – career. And now his working life has taken another twist as he resigned from the board of directors at the Royal Bank of Canada.

In an official release yesterday, the bank confirmed that his resignation has been accepted by the chairman of the board, Kathleen Taylor. The resignation is said to be “effective immediately” and brings to an end a 16-year run on RBC’s board.

Previously, Reinhard served on the board of directors for companies such as Coca-Cola and Dow Chemical.

His tenure on the board of directors at Dow Chemical lasted from 1995-2005 when he chose to retire. However, after his retirement he stayed on as senior advisor, only for he and Romeo Kreinberg, a company officer, to be fired for allegedly negotiating a buyout without the board of director’s approval. The duo sued Dow Chemical, alleging defamation. However, a countersuit was also filed and ultimately the lawsuits were settled with Kreinberg and Reinhard admitting participation in unauthorized discussions.

The reasons for his self-imposed departure from the Royal Bank of Canada have yet to be confirmed.