Backgrounder: What's In A Name? UVic's New Peter B. Gustavson School of Business

Peter B. Gustavson, president and CEO of Gustavson Capital Corporation, and founder of Custom House Global Foreign Exchange, began his entrepreneurial career at a young age—selling discarded wire hangers to friends and neighbours at the age of six.

He grew up in Winnipeg, earning an honours Bachelor of Commerce degree specializing in accounting and marketing from the University of Manitoba. Gustavson financed some of his education by reselling newspapers as an agent for The Winnipeg Tribune and The Globe and Mail.

Following graduation, he obtained a chartered accountant designation and set up his own accounting firm in Winnipeg. Almost 10 years later, he sold the company and moved to Tsawwassen, BC, where he anticipated an early retirement.

On one of his many visits to Victoria, he noticed the renovation to Victoria’s historic Custom House, and the idea to create Custom House Currency Exchange was born. While he intended it as a part-time job, and one that would close in the summer when the tourism business died down, Custom House was a phenomenal success, growing to offices in seven countries, more than 650 employees and more than 40,000 customers in just 17 years. In September 2009, the company was purchased by Western Union for USD $370 million. Its acquisition led the company to be officially renamed “Custom House, A Western Union Company.”

 

Highlights of Gustavson’s career include:

• President and CEO, Gustavson Capital Corporation, August 2009-current
• Chairman, Custom House Currency Exchange Ltd., 2007-2009
• President and CEO, Custom House Currency Exchange Ltd., 1992-2007
• Partner, Gustavson, Shaffer Chartered Accountants, and Gustavson Rappaport Chartered Accountants, 1983-1991
• Articling CA student, Burke, Newman & Co., 1980-1982

 

Gustavson’s awards and honours include:

• Platinum Status Award, Deloitte, Sustaining Standards of Excellence and Leadership in All Areas of Business Practice, 2009
• Fellow, Institute of Chartered Accountants of BC, 2005
• Lifetime Achievement Award, Vancouver Island Business Excellence, 2005
• Ernst & Young’s Entrepreneur of the Year Award, 2002

 

Over the years, Gustavson has been a good friend to the University of Victoria and to the Faculty of Business. He joined UVic Business’ advisory board in 2003. He is the inspiration behind the Distinguished Entrepreneur of the Year Award, which is bestowed annually on a global entrepreneurial leader. Under his leadership the event has sold out each year to the leading members of BC’s business community.

Gustavson resides in Victoria and has two adult sons—David, a 2010 UVic graduate, and Matthew, who attends UBC Okanagan.

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