MaRS appoints Grace Lee Reynolds as permanent CEO, adds board members

MaRS Discovery District has appointed Grace Lee Reynolds as its new permanent CEO, letting her shed the interim label before she even officially takes the role.

Following the surprise resignation of CEO Alison Nankivell in December, MaRS announced that Nankivell would continue to serve as its leader until Feb. 5, 2025, at which point Lee Reynolds would take on the job in an interim capacity. Instead, Lee Reynolds, who has over a decade of experience at the Toronto-based innovation hub in roles such as head of development and CFO, has been tapped for the permanent position.

“As we look ahead, we are confident that Graceʼs leadership will help MaRS strengthen its position as a unified, agile innovation hub that fuels venture growth, fosters commercialization, and accelerates Ontario and Canadaʼs global competitiveness,ˮ MaRS board chair Annette Verschuren said in a statement.

MaRS outlined Lee Reynolds’s strategic priorities as CEO, which include enhancing support systems to “increase the odds of success” for science and technology ventures, co-space planning, and expanded funding models.

MaRS added that support for science and technology ventures includes providing infrastructure, expertise, and resources to help these companies scale, while its co-space planning aims to bring together researchers, startups, and private partners through a collaborative hub at Torontoʼs Discovery District. Finally, Lee Reynolds is looking to expand MaRS’ funding models by growing private-sector partnership and courting philanthropic capital.

“The work we do with ventures, our strong public-private partnerships, and the power of our community and place are among our greatest strengths,” Lee Reynolds said in a statement. “As we look to the future, MaRS will continue to provide the space, connections and expertise that ventures need to scale.ˮ

Growing MaRS’s private-sector partnerships was a significant focus of Lee Reynolds’s predecessor’s goals as well. In an October 2024 interview with BetaKit following staff cuts, Nankivell said she was trying to reset MaRS’ business model, which included a target to achieve a 50/50 split between public and private funding over “the next few years.”

In addition to Lee Reynolds, MaRS is adding Helen Angus and Andrew Joyner as board members.

Angus previously served as Ontarioʼs Deputy Minister of Health, MaRS said in a statement, pointing to her experience in healthcare, public policy, and government relations. MaRS added that Joyner is a managing director at Tricon Residential, where he leads the Canadian rental housing portfolio of the real estate company, and brings a background in private equity and real estate investment.

“Helen and Andrew bring invaluable expertise in public-private collaboration, emerging technologies, and scaling organizations,ˮ MaRS board member Claudette McGowan said in a statement. “Their insights will help guide MaRS as we enter this next phase of impact and growth.ˮ

Feature image courtesy MaRS.