Delivered September 25, 2019. Contributor: Megan B.
To gain a complete dossier on Richard McLaughlin.
Richard McLaughlin joined Rogers Bank in 2013 as their Chief Marketing Officer. He then changed job roles slightly to Chief Customer and Marketing Officer in 2018 before being appointed as CEO of Rogers Bank this year.
His background is in financial services marketing, as worked for both Citi Cards and MasterCard previously.
Although his LinkedIn shows he was appointed CEO this year, there were no press releases or media coverage of when or how this happened.
The Rogers group investor relations section equally has no press release concerning the appointment. Their quarterly reports show no data on the bank segment. The latest earnings call also does not mention Rogers Bank.
We leverage historical news articles to discover that Rogers received approval to branch into financial services in 2013 (it had originally applied in 2011). This likely coincided with Mr. McLaughlin's appointment as CMO.
The annual reports on Rogers' website only go back to 2012. This report states, "In 2011, we applied for a banking licence as required under the
federal Bank Act to enable Rogers to engage in credit card and other
mobile payment services. During 2012, key management with
extensive experience in credit card operations joined the company
and third party vendors were selected to support the operations. We
expect to receive our licence from the Office of the Superintendent of
Financial Institutions (OSFI) in mid-2013."
Therefore, it appears that a credit card was always the focus of Rogers Bank, along with enhancing their mobile payment capabilities. This is confirmed by this statement in the 2013 AR: We received a licence to
operate a bank for the purposes oflaunching a Rogers’ branded credit
card." Mr. McLaughlin is not mentioned in this report.
Reports for 2014-2018 make no special mention of Rogers Bank, their credit cards (except in passing as ongoing business) nor Mr. McLaughlin. These reports also confirmed that the Rogers Bank segment falls under "other" business units and unfortunately is not reported on in Rogers' quarterly presentations.
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