TORONTO -- Royal Bank of Canada said its board has chosen John Cleghorn to be the next chairman and chief executive officer, succeeding Allan Taylor.

Mr. Cleghorn, a 20-year veteran at Canada's largest bank, becomes chief executive Nov. 1, and will add Mr. Taylor's chairman title after the bank's annual meeting on Jan. 26, 1995.

Mr. Taylor has been chairman and chief executive since 1986. He will continue as a member of the board after retirement.

Mr. Cleghorn, 52, has been president since 1986 and chief operating officer since 1990. He will split his time between Royal Bank's dual headquarters in Montreal and Toronto.

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