Alison Nankivell’s leadership of the MaRS Discovery District ends shortly after it began with the announcement today that she has been named the new CEO and president of Export Development Canada (EDC).
The appointment announcement was made by Mary Ng, Minister of Export Promotion, International Trade and Economic Development. A federal Crown corporation, EDC provides financial support to Canadian export-focused businesses. Nankivell replaces Mairead Lavery, who served as president and CEO for six years.
Nankivell’s most significant decision at the government-backed innovation hub might be staff cuts.
“I would like to express my sincere appreciation to Mairead Lavery for her exceptional leadership and dedication to EDC over the last 6 years and congratulate Alison Nankivell, who is joining the organization at a pivotal time in Canada’s history as the global trade landscape becomes increasingly complex, while offering exciting opportunities,” Minister Ng said in a statement.
Beginning in March of this year, Nankivell’s tenure at MaRS was brief, lasting slightly longer than the executive search to replace retiring CEO Yung Wu. She joins an expansive list of executive turnover in Canadian tech throughout 2024, marking it one of our biggest stories of the year.
“We are confident Alison and the team will usher in a new era of innovation and growth at MaRS Discovery District,” Claudette McGowan, vice-chair of the MaRS board, said in a statement at the time of Nankivell’s hiring. “Alison brings exceptional leadership qualities and a shared commitment to our mission. Her vision aligns seamlessly with MaRS’ goals, and we look forward to the transformative impact she will have on our organization and the innovation community at large.”
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Her most significant decision at the government-backed innovation hub might be staff cuts. As part of a business model “resetting” to get the Toronto-based hub back to its “original vision,” MaRS laid off 20 staff members in June 2024, predominantly at the leadership level. MaRS then cut an additional 11 people from its team in October 2024, with Nankivell telling BetaKit at the time her goal was to achieve a 50/50 split between public and private funding “in the next few years.”
About two-thirds of MaRS’ $29 million CAD in revenue comes from provincial and federal government sources, a decline of 10 percent from the year prior and 65 percent from 2019. In March, MaRS concluded a two-year extension of its funding agreement with the Ontario government, during which the province contributed $10 million each year. In November, MaRS was one of three Ontario innovation hubs to receive a combined $47.5 million CAD in funding from the federal government through the Scale-Up Platform program.
Nankivell came to MaRS after 10 years of service at BDC, most recently BDC Capital’s SVP of fund investments and global scaling, where she was responsible for commitments into both venture and growth funds, as well as strategic environmental, social, and governance (ESG) initiatives. Nankivell has also held senior positions at the EDC, where she previously worked for 14 years, with a particular focus on Asia funds.
Following the morning EDC announcement, MaRS issued a release mid-afternoon announcing Grace Lee Reynolds as interim CEO, effective Feb. 5, 2025. The announcement noted that Alison Nankivell will continue to serve as MaRS CEO until that date. Currently MaRS’ head of development and programming, Reynolds has over a decade of experience working at the innovation hub, including as its CFO from 2014-2020.
Nankivell’s decision appears to have caught MaRS leadership by surprise. Multiple sources familiar with the situation and speaking under condition of anonymity told BetaKit that MaRS’ board may have been informed as late as Friday, with some team members learning the news today just prior to the announcement. Minutes after Global Affairs Canada announced the appointment today, MaRS posted a video to X highlighting its biggest accomplishments in 2024; Nankivell’s hiring was the first accomplishment named.
Feature image courtesy MaRS.