OTTAWA – Brian Tobin, Minister of Industry and Minister
responsible for the Business Development Bank of Canada (BDC), today announced the appointment of Cedric E. Ritchie, OC, as Chairman of the Board of the BDC for a three year term.
“Cedric Ritchie brings to the Business Development Bank a wealth of financial experience and acumen,” said Minister Tobin. ” I am sure Mr. Ritchie will make a tremendous contribution to the future success of the BDC, given his long and impressive career in Canadian banking and business.”
A native of Atlantic Canada, Cedric Ritchie joined The Bank of Nova Scotia
in 1945 as a clerk. He progressed through increasingly senior positions:
from teller, to chief accountant, to chief general manager, and, in 1972 to
President and CEO. Mr. Ritchie was named Chairman and CEO of The Bank of
Nova Scotia in 1974, a position he held until his retirement in 1995.
Cedric Ritchie sits on the board of several organizations. He is Director
of the Canada Life Assurance Company, Director of Canadian National
Railways, and Director of Mercedes-Benz Canada Inc. In 1993, Mr. Ritchie
was named Business Leader of the Year by the Western Business School of
Toronto and was also designated 1993 Business Man of the Year by the Harvard
Business School Club of Toronto. He was inducted into the Canadian Business
Hall of Fame in April 2000, and is a Fellow of the Institute of Canadian
Bankers. In 1981, Mr. Ritchie became an Officer of the Order of Canada.
The Business Development Bank of Canada is a financial institution wholly
owned by the Government of Canada. The BDC plays a leadership role in
delivering financial and business consulting services to Canadian small
businesses, with a particular emphasis on the technology and export sectors
of the economy.
