06 november 2012

Stephen Jarislowsky, Eminence Grise of Canadian Finance Stepping Down


Photo courtesy of CBC
Stephen Jarislowsky in Toronto in May 2007

Sometimes referred to as the “Warren Buffet of Canada”, Stephen Jarislowsky is stepping down. The 87 year-old co-founded money management firm, Jarislowsky Fraser Ltd. almost 60 years ago. Now it has assets over C$37 billion (US$32.2 billion). Mr. Jarislowsky will remain chairman, but begin the transition out of his role as CEO, as part of the “succession planning” at Jarislowsky Fraser Ltd. In a statement, Mr. Jarislowsky said the company remains “committed to the disciplined, low-risk, bottom-up approach that the firm has taken throughout our 57-year history.”

Stephen Jarislowsky was born in Berlin, and emigrated to the United States in 1941. He served in the US Army during World War II. He studied engineering at Cornell and got an MBA from Harvard Business School in 1949. He moved to Montreal to work as an engineer for Alcan Aluminum Ltd. In 1955 he started Jarislowsky Fraser Ltd.

Well known as a critic of excessive executive compensation, and a defender of shareholder rights, he co-founded the Canadian Coalition for Good Governance in 2002. Stephen Jarislowsky has a net worth of about C$2 billion. His private foundation supports organizations in education and health, including several university chairs across Canada. (CK)


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