From Peter Brown:
June 30th is my last day at Canaccord Genuity which began 46 years ago on February 2, 1968 with the purchase of 50% of an insignificant firm for $23,000. The Firm’s first trade was the purchase of 1000 shares of Casino Silver (which now belongs to Teck) at $0.78. I still have that H.H. Hemsworth contract.
To quote from my Canadian Business Hall of Fame Dinner –
“We had no capital, no distribution and no reputation but what our early group did share was a powerful desire to win, refusal to succumb to the inevitable bad times and a very real passion for the business. These we combined with mutual respect and the kind of loyalty that can be counted on when it was inconvenient, to develop a wonderful culture that could not be defeated.”
During my 38 year tenure as CEO, our loyal and dedicated team managed to build Canada’s largest non-bank investment dealer with record equity and revenues ever achieved by a Canadian independent. We had a large and unencumbered balance sheet and access to capital as our shares were publicly traded and liquid. The shares had become sufficiently strong currency to be used to acquire Genuity and the strength of the balance sheet and business was strong enough to allow the current successful international expansion to be financed.
I will never forget the army of colleagues and friends who played a significant role and gave us their best 10, 20, 30 or 40 (Ken McPherson 41) years assisting us in this endeavor. Some are still with the Firm, some moved on and some of the tasks became redundant in a fast changing business – but all will be remembered by me with the dignity, respect and affection they earned as we shared some great victories together. I sincerely hope they all realize the importance of their contribution to building the base for the very dynamic global opportunity that followed in Paul Reynold’s seven year tenure as CEO.
As I have said as Founder (which is forever) I feel fortunate to have had a great corporate experience with a team, who for the most part, have become great friends. As I transition into a new career with new partners and old friends, I will continue to be a Canaccord Genuity cheerleader and look forward to watching the Firm’s future unfold with great anticipation. But most importantly, I intend to do my best to continue to maintain and foster those loyal friendships and partnerships at Canaccord that I have come to value so dearly.
I would be neglectful if I didn’t thank the fabulous Vicki Hamill (26 years), Lisa Daou (20 years) and Richard Peitz (34 years) who have always taken such good care of me and as well have been major contributors to the Firm’s morale and culture. I only hope none of them have the overwhelming desire to write a manuscript.
To the Firm – good bye and good luck!
Your Founder, Peter Brown