One of Canada's most accomplished executives died tragically this week.
Canaccord Genuity CEO Paul Reynolds was competing in the Lavaman triathlon in Hawaii with friends on Sunday. During the swimming leg of the race, Reynolds lost consciousness and was rushed to hospital, according to media sources.
Canaccord announced the untimely passing of its President and CEO Thursday morning. The firm has appointed David Kassie, current chairman, to the CEO position with immediate effect.
Mr. Reynolds leaves behind a big and brilliant family including four children and a wife. To them we express our sincerest condolences.
He certainly left his mark on the business world, leading Canaccord Genuity, Canada's largest independent investment bank, through an aggressive expansion and repositioning, making the firm the global leader in mid-market investment banking.
Reynolds began his career as a stockbroker in Vancouver in the early 1980s, before getting into investment banking. He eventually moved to the UK and built Canaccord’s London practice into one of its most profitable divisions. In 2007, he became the firm’s president and CEO of global operations.
Reynolds was a deal-maker with a client-first reputation. He was instrumental in countless startups, capital raises and M&A deals. Reynolds helped Frank Giustra’s UrAsia Energy procure producing uranium assets in Kazakhstan with Surgey Kurzin in 2005 and raise $504 million on short notice to buy them. The company merged with Uranium One in 2007 in a $5 billion deal. “UrAsia was basically the creation of Paul Reynolds,” Mr. Kurzin said.
Paul Reynolds worked long hours at the office and was constantly travelling and always entertaining clients and partners, part of his job as CEO of a major investment bank. If he was tired, the calm and sincere CEO would never let you know it.
Last year Paul challenged me to blog about Toronto's Sick Kids hospital, where he was a proud member of the board of directors. He was willing to match any donations up to $50,000 for the renowned children’s hospital.
While we sent out a good donation article, it was a stretch for many of our readers to relate to an Eastern Charity. I ended up making multiple donations under different names, because I didn’t want to let Paul down. I’m sure he would have understood if he’d known the truth; at the same time I’m also sure he would have had a good laugh at my expense.
I speak for many people when I say that Paul Reynolds leaves a major void in our world. He will be dearly missed.
Read past interviews with Paul:
Put up your money with Paul for a guaranteed double | August 28, 2014
Canaccord goes global and investors take notice | June 24, 2014
Why veterans are bullish on gold and resource stocks | October 25, 2013
Canaccord Financial CEO Paul Reynolds on the future of his firm and Canada’s natural resources sector | April 19, 2013
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Very sad news indeed.. Paul was always great to deal with…his energy and enthusiasm and will be greatly missed. My heart goes out to the boys and all the rest of the family.
So sad. My thoughts are with his children and the entire family.
Very tragic, we all lost a great leader in Canadian finance. Thoughts are with the Reynolds family.