Raymond Chang, the former CEO of Toronto-based CI Financial Corp., passed away on Sunday at the age of 65.
Chang was one of the founders of CI Financial in the 1980s. In 1994, while president and chief operating office, Chang helped take CI from a private to a public company and to develop new investment products. Chang would become CEO of CI in 1996 and would later hold the position of chairman of the board from 1999 to 2010. Chang was a director on the board from 2010 until his death.
“From our corporate class structure to our industry leading operating systems, Ray’s work laid the foundation to our great business today,” said Stephen MacPhail, CEO and president of CI, in a message to staff. “To those of you knew Ray, he was always willing to take the time to listen and impart advice when he could.”
Born in Jamaica, Chang first came to Canada in 1967 to study and eventually completed a bachelor of applied science degree from the University of Toronto and earned the Chartered Financial Analyst (CFA) designation.
In addition to his work on Bay Street, Chang was well known as a philanthropist. Toronto-based Ryerson University’s G. Raymond Chang School of Continuing Education was named after him following a gift of $5 million to the university. Chang was a chancellor of the university from 2006 to 2012.
“Ray was a generous man with his time and charitable activities,” said MacPhail,” always looking to help where he could give others a better opportunity in life.”
Earlier this year, Chang was made an Officer of the Order of Canada. He was also awarded the Order of Jamaica in 2011. Chang is survived by his wife, Donette, and two children.