John Cleghorn succeeded Allan Taylor as chief executive of Royal Bank of Canada in November 1994. At the same time, the bank created a six-member executive committee known as the Group Office. Under the structure, senior executives are collectively responsible for all areas of the bank, rather than a particular business or group of businesses.

So far it's working well, said Mr. Cleghorn. "We all know each other, and everybody is experienced in that group," he said. "I would say that there is a good top-down, bottom-up look at the organization." Vice chairman Bruce Galloway said, "It's making a difference. I think, on balance, we're much more focused on individual businesses, we're much more focused on our priorities, than we would have been in the past."

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