Many individuals believe that success is merely a game of luck. That, however, is not the case. Wealth and success do not come overnight; they are the result of a person’s hard work and dedication throughout his or her journey to become a successful and rich person.
So, here are the richest CEOs in Canada in 2021.
- Joseph C. Papa
Company: Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals)
Net worth: $48.7 Million
In 1978, this CEO graduated from the University of Connecticut with a bachelor’s degree and an MBA from Kellogg School of Management. Mr. Papa is now the Chairman and the CEO of Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals). Mr. Papa has been serving on the Board of Directors for Bausch Health Companies Inc. since May 2016 as Chairman and Chief Executive Officer.
Prior to Bausch Health, he was the Chief Executive Officer of the Perrigo Company from 2006 to April 2016. Before that, Papa served as Chairman and Chief Executive Officer of Cardinal Health’s Pharmaceutical Technologies and Services business unit (2004 – 2006). He was President and Chief Operating Officer for Watson Pharmaceuticals (2001 – 2004), President of Global Country Operations for Pharmacia’s North American business (2000 – 2001) and President of Searle’s U.S. Operations (1997 – 2000). Prior to Searle/Pharmacia, Papa served in a variety of general management, sales, marketing and R&D positions during his 15-year career at Novartis Pharmaceuticals Corporation (1983 – 1997).
Papa holds a B.S. in pharmacy from the University of Connecticut and an MBA from Northwestern University’s Kellogg Graduate School of Management. In 2012, he received an Honorary Doctor of Science degree from the University of Connecticut’s School of Pharmacy.
- Donald J. Walker
Company: Magna International Inc.
Net worth: $28 Million
Donald J. Walker is the former chief executive officer of Magna International Inc., Magna is a worldwide automotive supplier with a market capitalization of $36 billion that designs, develops, and produces components and systems for the world’s major automakers. Magna employs approximately 155,000 people and has 320 facilities in 29 countries. In October 2020, it was announced that Walker would retire as CEO at the end of 2020, with Swamy Kotagiri replacing him in January 2021. As of January 4, 2021, Seetarama (Swamy) Kotagiri is now the CEO of Magna International.
- Daniel E. Friedmann
Company: MDA Ltd.
Net worth: $21 Million
Daniel E. Friedmann was CEO of MDA Ltd. (formerly MacDonald, Dettwiler and Associates) for 20 years until 2016, during which time he grew the company’s revenue 19-fold and increased market capitalization 35-fold. He joined MacDonald, Dettwiler in 1979 as an Engineer while pursuing his Master of Applied Science degree at UBC, which he completed in 1983. Friedmann is currently Chairman of Carbon Engineering, a Canadian-based clean energy company focusing on the commercialization of Direct Air Capture (DAC) technology that captures carbon dioxide (CO2) directly from the atmosphere.
- Donald Arthur Guloien
Company: Manulife Financial Corporation (Financière Manuvie in Quebec)
Net worth: $15 Million
Donald Arthur Guloien was the President and CEO of the financial services company, Manulife Financial Corporation (Financière Manuvie in Quebec), Canada’s largest insurance company, and one of the largest insurance and asset management companies in the world. Donald Arthur Guloien began his career with Manulife in 1981 as a research analyst and rose through the ranks to become a senior executive in both the Canadian and American divisions. He was promoted to Vice President of the U.S. Individual Business in 1990, where he was in charge of Manulife’s insurance and annuity operations in the United States. In May 2017, it was announced that Guloien would retire as CEO of Manulife, with Guloien being replaced by Roy Gori as of October 1, 2017.
- Linda Hasenfratz
Company: Linamar Corporation
Net worth: $14 Million
In June 1997, Ms. Hasenfratz received her Executive MBA degree from the University of Western Ontario’s Ivey School of Business. Ms. Hasenfratz also has an Honours Bachelor of Science degree from the same college. Linda Hasenfratz is the president, chairman, and chief executive officer of Linamar Corporation, a worldwide manufacturing corporation.
- Darren Entwistle
Company: Telus Communications Inc. (TCI)
Net worth: $12.9 Million
Darren Entwistle is currently the president and chief executive officer of Telus Communications Inc. (TCI). Darren Entwistle joined TELUS as President and CEO in 2000, becoming the longest-serving CEO amongst incumbent telecommunication companies worldwide.
Darren has a Bachelor of Economics (Honours) degree from Concordia University, an MBA in Finance from McGill University and a diploma in Network Engineering from the University of Toronto. He has received honorary Doctorates of Law from McGill University, Concordia University, the University of Alberta, and the University of Victoria. Darren also holds an honorary Bachelor in Business Administration from the Northern Alberta Institute of Technology and is an Honorary Fellow of The Royal Conservatory in Toronto.
- Ignacio “Nacho” Deschamps
Net worth: $12.7 Million
Ignacio “Nacho” Deschamps is the group head of international banking and digital transformation at Scotiabank. He was appointed as Strategic Advisor to the President and CEO, for Global Digital Banking, in January 2016. He was subsequently appointed Group Head, International Banking and Digital Transformation, in February 2016. Ignacio “Nacho” Deschamps is a graduate of Instituto Politécnico Nacional in Mexico City and has a Master of Engineering Administration from The George Washington University in Washington, D.C.
- David I. “Dave” McKay
Company: Royal Bank of Canada (RBC)
Net worth: $12.2 Million
David I. “Dave” McKay is the president and CEO of the Royal Bank of Canada (RBC), Canada’s biggest bank, and one of the largest in the world based on market capitalization. Dave joined RBC in 1983 as a co-op student in computer programming before moving to the organization’s retail banking arm. Shortly after being appointed President and CEO in 2014, he led the acquisition of City National Corporation, creating a platform for growth with institutional, corporate and high net worth clients in the U.S.Dave holds a Bachelor of Mathematics and an honorary Doctor of Mathematics degree from the University of Waterloo. He also holds an MBA and an honorary Doctor of Laws degree from the Richard Ivey School of Business at the University of Western Ontario, and an honorary degree from Ryerson University.
- Frank Hasenfratz
Net worth: Approximately $1 billion
Mr. Hasenfratz has served as the founder of Linamar since 1966. Mr. Hasenfratz was born in Hungary in 1935 and worked as a toolmaker and machinist while attending trade and engineering technical institutions. He came to Canada in 1957 and worked as a supervisor at Sintering Ltd. until Linamar was founded in 1966.