Amid a year marked by significant leadership changes in Canada’s tech sector, the trend has shown no signs of slowing down over the summer. Toronto-based software startup Cardata is among the latest to join the wave, appointing Haywood Marsh as its new CEO.
Prior to joining Cardata, Marsh was general manager of Lockpath and executive team member of Lockpath’s parent company NAVEX Global. In these roles, he led a software-as-a-service (SaaS) team across the United States, the European Union, and India, and according to Cardata, turned Lockpath into NAVEX’s fastest growing significant business unit.
Marsh replaces Sheret Ross, who has served in the CEO role since February 2021 and still remains on Cardata’s board, according to his LinkedIn page. Michael Levine remains Cardata’s president, a role he has also held since February 2021.
In a joint statement, Ross and Levine said they were both “filled with excitement and confidence about the future” of Cardata amidst the CEO transition. The reason for Ross’s stepping down was not provided in the company’s statement.
Cardata offers reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work. Last year, the company secured a $100-million growth investment from Wavecrest Growth Partners with a co-investment from MassMutual Ventures. Chirag Shah, operating partner at Wavecrest, expressed his support for the CEO transition in Cardata’s statement.
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This week, Chris Grouchy, president and co-founder of Toronto-based business-to-business (B2B) trade software startup Convictional, announced he was stepping away after seven years, soon after the company rebranded its original product to Modern Dropship.
Convictional was founded by Grouchy and CEO Roger Kirkness in 2017 as a B2B e-commerce solution to help vendors and brands manage inventory. As Modern Dropship, the company is now a dropshipping platform aimed at helping retailers expand their curated assortments.
“This is a satisfying conclusion to a journey we kicked off in Roger’s apartment years ago. But it also represents a new beginning for Convictional. Roger and our talented R&D team will be working on LLMs and applying them to a totally new domain — business decision-making,” Grouchy said in a post on LinkedIn.
During its run as Convictional, the company raised several rounds of funding, including a $6.7-million Series A round in 2022. “Our dropship platform has consistently proven to be the best solution for retailers looking to manage and scale their curated dropship programs rapidly and confidently, without the need for outdated technology integrations. The new name, Modern Dropship, better reflects this position,” the company said in a statement.
Victoria-based stock media agency Stocksy announced that Trace Cohen will serve in the top job.
Stocksy was co-founded by Bruce Livingstone, a repeat Canadian tech founder who co-founded Stocksy in 2015, and currently serves as chairman of Stocksy’s board. “Creatives have never been so pressed as they are today to get the best and most culturally relevant visuals into their work,” Livingstone said in a statement. “Trace brings an eye for creative brand building and the heart to lead our co-operative.”
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Cohen’s previous roles include leading social media strategy at Razorfish, serving as senior vice president of strategy at Publicis, leading global digital marketing for BlackBerry, and serving as CEO of 214, a brand design studio.
London, Ont.-based biotechnology startup Sernova Corp. also has a new face at the helm. The company recently appointed Jonathan Rigby as CEO, replacing Cynthia Pussinen. The reasons for the CEO change were not disclosed in the company’s announcement.
Sernova is developing therapeutic cell technologies that are implanted in chronic illness patients inside its trademarked Cell Pouch System. The company is currently in a clinical trial for its product for Type 1 diabetes.
“As a Type 1 diabetic myself, I am honoured to serve the company and its shareholders as Sernova’s new CEO,” Rigby said in a statement. “I am passionate about Sernova’s mission and determined to lead the Company to realize its full potential. I have financed and grown multiple companies through to exits and my goal is clear; I will work tirelessly with the team to do the same for Sernova and its shareholders.”
Prior to joining Sernova, Rigby held leadership or board positions on other biotech companies, such as Revolo Biotherapeutics, IM Therapeutics, and Oncolytics Biotech.
Toronto-based Banxa Holdings, which offers a cryptocurrency gateway platform for businesses, has appointed Zafer Qureshi to serve as co-CEO with existing CEO and chairman Holger Arians.
Qureshi has served in several roles at Banxa since June 2023, starting as a board observer and corporate advisor, then moving to executive director and head of corporate affairs in August 2023. According to his LinkedIn, Qureshi is retaining his executive director title along with the new title of co-CEO.
“Zafer’s addition to the team has been instrumental in Banxa’s journey over the past 12 months,” Arians said in a statement. “Zafer and I have worked closely to transform Banxa from a loss-making entity into a sustainably profitable business.”
In a statement, Banxa claimed that it reached “sustainable profitability” in March of this year, and has also seen “meaningful de-risking and balance sheet improvement,” and a “significant reduction” in the cost of working capital.
Canada’s venture capital arena also welcomed a new face in the last month. In July, Halifax-based Tribe Network announced that Phillip Yoon joined its team as an investment principal.
Yoon brings over two decades of experience to Tribe as a capital allocation strategist, fund manager in alternative investments, portfolio manager, and investment consultant, where he specialized in both private and public markets.
Tribe Ventures is the venture capital arm of Tribe Network, launched in 2020 to create an entrepreneurship and innovation hub for entrepreneurs identifying as Black, Indigenous, and People of Colour. In June 2023, Tribe launched a targeted $20-million venture capital fund that will invest in pre-seed and seed-stage businesses led by racialized founders.
These organizations are the latest in a long list of Canadian tech startups and organizations seeing changes in executive leadership this year. Montréal-based EdTech startup Paper shifted co-founder Phil Cutler from the CEO role, shortly after the company reportedly cut 45 percent of its approximately 180 head office employees in late July.
The raft of executive changes also includes Unbounce, MindBridge, Ratehub, NowVertical, Top Hat, Untether, Cinchy, Alida, and many more.
Feature image courtesy Cardata via PRNewswire.
