Toronto (Oct. 1, 2012) - Stephen Bear, a Director of McKinsey & Company, a management consulting firm advising leading businesses and institutions around the world, was elected to the role of Chair of The Princess Margaret Cancer Foundation last week at The Foundation's Annual General Meeting. The Board of Directors also agreed to change the name of the foundation from The Princess Margaret Hospital Foundation to The Princess Margaret Cancer Foundation to reflect the name change of the cancer program at University Health Network.

Stephen Bear, the former leader of McKinsey's practices in both Canada and Korea, focuses primarily on serving clients in the financial services and the energy sector. He is a leader in the Firm's Organization Practice, where he has a particular interest in leadership and leadership transitions, and also served as a member of McKinsey's global board of directors.

"Serving as Chair of this volunteer board is an honour, and I look forward to working with the many outstanding individuals who make up the fundraising team of The Princess Margaret," said Mr. Bear. "We are focused on support for one of the top five cancer centres in the world, and the name change reflects our focus on cancer for the patients we serve and cancer patients throughout the country and around the world."

Paul Alofs, President and CEO of The Princess Margaret Cancer Foundation, said, "Through the past five years, our Foundation has increased its fundraising from $68.5 million in fiscal 2007 to $84 million in fiscal 2012, and we thank our volunteer board members for the vision of allowing our social enterprise to invest in new ideas that have paid substantial dividends for the Princess Margaret Cancer Centre. We are in excellent hands with Stephen Bear as our new chairperson. He was instrumental in developing The Princess Margaret's vision for Personalized Cancer Medicine." Click here to read Stephen Bear's message.

At last week's annual general meeting, The Princess Margaret Cancer Foundation released its annual report. The report notes that 418,000 donations were accepted and 637,000 lottery tickets sold, contributing to the $84 million raised for Personalized Cancer Medicine, an approach which seeks to match treatment to the exact type and stage of tumour for each patient. Personalized Cancer Medicine at the Princess Margaret Cancer Centre includes efforts to detect cancer earlier, diagnose cancer with more precision, target treatment for each patient and support patients and their families through the cancer journey.

The Princess Margaret Cancer Centre is the only comprehensive clinical, teaching and research centre in Canada devoted exclusively to cancer. The program enjoys a rich history of discovery and innovation, including the discovery of the stem cell, cloning the T-cell receptor, identification of breast density as a major risk factor for breast cancer and the creation of the Gattuso Rapid Diagnostic Centre, Canada's first of its kind, providing those suspected of having breast cancer with a one-day diagnosis and treatment plan.

"The designation of Cancer Centre is internationally recognized as describing a place that offers surgery, radiation treatment and chemotherapy within an intense research and teaching environment," said Dr. Robert Bell, President and CEO of University Health Network (UHN). "The name change reflects the international stature of the program, and we were very pleased to receive the permission of Her Majesty, Queen Elizabeth II to make the change."

The need to raise philanthropic funding for the extraordinary work being done at The Princess Margaret has never been more urgent. In March 2012, The Princess Margaret Cancer Foundation launched its five-year Billion Dollar Challenge to support Personalized Cancer Medicine ($500 million through philanthropy and another $500 million in research grants): The Princess Margaret Cancer Foundation, raising funds for the Princess Margaret Cancer Centre, is resolute in its vision to conquer cancer in our lifetime.

"We will change what people believe about cancer," added Paul Alofs. "The Princess Margaret Cancer Centre has ambitious plans to set the new gold standard in healthcare through Personalized Cancer Medicine for all patients in Ontario, across Canada and around the world, and we are hopeful that our community of supporters will help us achieve this vision."

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