Ontario’s financial services regulator has named Dexter John its new chief executive officer, six months after the organization’s inaugural CEO stepped down to join the Ontario Energy Board.
The Financial Services Regulatory Authority of Ontario (FSRA) announced Monday that Mr. John, who is one of its board members, will assume the roles of president and CEO effective March 1.
Mr. John, who is currently the CEO of consulting firm Morrow Sodali (Canada) Ltd., will replace Stephen Power, who stepped into the role of interim CEO last summer after the departure of FSRA’s first leader, Mark White.
FSRA spokesperson Russ Courtney said there is still no date set for Mr. Power’s return to his role as the regulator’s executive vice-president of corporate services, as he will continue to provide “support and guidance” to Mr. John during a transition period to ensure a smooth handover of responsibilities.
“FSRA plays a critical role in strengthening Ontario’s financial services sector, and I look forward to working with our staff, stakeholders, and partners to ensure we continue to deliver on our mandate and create positive outcomes for Ontarians,” Mr. John said in a statement.
FSRA was founded in 2019 to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). The organization oversees the province’s financial services providers, such as certain areas of insurance, pensions, credit unions and mortgage brokers. It is not responsible for securities, which are regulated by the Ontario Securities Commission.
Mr. John first joined the FSRA board in 2021 and renewed his term last year. Over the past 25 years, he has held senior roles at D.F. King Canada and Kingsdale Shareholder Services Inc., where he advised on governance matters and corporate strategy. He has also held positions at the Investment Dealers Association – a predecessor to the Canadian Investment Regulatory Organization, a securities industry regulator – and the Toronto Stock Exchange.
“One of his greatest attributes is his ‘people skills,’ including his willingness and ability to listen to the views of others, ensuring that their perspectives are taken seriously and considered,” said Lawrence Ritchie, a founding FSRA board member who retired last year, in an e-mail to The Globe and Mail. “That quality will be invaluable to FSRA as it engages with consumers, industry and the board members and employees of FSRA.”
The regulator had been on the hunt for an executive leader since last May, when Mr. White was nominated to take over as chair of the Ontario Energy Board.
On July 6, it reported it would start an “open and competitive search” for a permanent successor, after Mr. White’s nomination was approved. He stepped down from his role as CEO on July 16, and Mr. Power was named interim CEO.
Mr. White’s departure also led FSRA chair Joanne De Laurentiis – who had previously announced her retirement from the board of directors – to extend her tenure for one year in order to provide “continuity to the organization” through the transition period.
“Mr. John’s leadership and strategic insight will be invaluable as FSRA continues to modernize Ontario’s financial services regulatory framework, engaging collaboratively with FSRA’s stakeholders and deliver regulatory efficiency and effectiveness,” Ms. De Laurentiis said in a statement.
With a report from James Bradshaw