Grace Lee Reynolds
| Grace Lee Reynolds | |
|---|---|
| Born | |
| 🏫 Education | University of Waterloo (BA, MAcc) |
| 💼 Occupation | Business executive |
| Known for | CEO of MaRS Discovery District CEO of Artscape |
| Title | CEO, MaRS Discovery District |
Grace Lee Reynolds is a Canadian business executive who has been chief executive officer (CEO) of MaRS Discovery District since February 2025.[1][2] She was CEO of Artscape Inc. from 2021 to 2023, and held senior leadership roles at MaRS Discovery District from 2011 to 2021, including chief financial officer and president of MaRS Discovery Enterprises.[3][4]
Career
MaRS Discovery District (2011–2021)
Reynolds joined MaRS Discovery District in 2011, initially as director of finance. She subsequently was chief financial officer from 2014 to 2020, and as president of MaRS Discovery Enterprises Inc. and chief ecosystem officer.[3][5] During this period she was involved in the development of the 1.5-million-square-foot MaRS Centre in downtown Toronto and in the organization's finance and partnership functions.[1]
Artscape (2021–2023)
On 2 February 2021, Artscape, a Toronto-based not-for-profit that developed and operated affordable studio and community cultural spaces, announced Reynolds' appointment as chief executive officer, effective 1 April 2021. She succeeded Tim Jones, who had led Artscape for 22 years.[6]
On 28 August 2023, Artscape announced that it would be placed into receivership and wind down its management of cultural spaces, after attempts to sell the Launchpad property had failed and TD declined to extend credit.[7][8] The Globe and Mail subsequently reported, citing court filings, that the organization owed more than $21 million to TD, had long-term debt of $31.7 million at the end of 2022, and had run a $3.7 million operating deficit that year.[9] An investigative report found that Artscape's debt had more than doubled from $17.6 million at the end of 2017 to $37.5 million by the end of 2019, driven largely by the development of the Launchpad facility, which cost approximately $31 million to build but was listed for sale at $22.5 million.[6] In November 2023, Artscape and the City of Toronto announced that a new non-profit, ArtHubs Toronto Inc., would take over operations at Artscape's community hubs, with Reynolds was an interim director of ArtHubs Toronto.[8] alongside COO Kelly Rintoul and CFO Martin Seaton.[8] On 11 January 2024, the Ontario SuperiorCourt formally appointed msi Spergel Inc. as receiver.[10]
Return to MaRS and appointment as CEO (2024–present)
Reynolds returned to MaRS Discovery District as head of development and programming.[3] On 23 December 2024, MaRS announced that CEO Alison Nankivell would depart after nine months in the role to become president and CEO of Export Development Canada, and named Reynolds interim CEO effective 5 February 2025.[3]
On 4 February 2025, one day before the interim appointment was to take effect, MaRS announced that Reynolds had been named permanent CEO. The organization simultaneously appointed Helen Angus, CEO of AMS Healthcare, and Andrew Joyner, managing director of Tricon Residential, to its board of directors.[1][2] Board chair Annette Verschuren stated that Reynolds' "leadership will help MaRS strengthen its position as a unified, agile innovation hub that fuels venture growth."[1]
As CEO, Reynolds has said her priorities include enhancing support systems for science and technology ventures, advancing Canada's health, deep science and climate technology ecosystem, expanding private-sector and philanthropic funding models, and optimizing MaRS' real estate assets.[11] In April 2025, she commented publicly on the impact of tariffs on Canadian startups, citing a MaRS survey that found more than three-quarters of respondents expected tariffs to affect their business.[12]
References
- ↑ 1.0 1.1 1.2 1.3 "MaRS appoints Grace Lee Reynolds as permanent CEO, adds board members". BetaKit. 4 February 2025. Retrieved 6 April 2026.
- ↑ 2.0 2.1 "Grace Lee Reynolds named permanent CEO of MaRS Discovery District". The Logic. 4 February 2025. Retrieved 6 April 2026.
- ↑ 3.0 3.1 3.2 3.3 Soltys, Douglas. "Alison Nankivell departs MaRS...".
- ↑ Silcoff, Sean (23 December 2024). "Alison Nankivell leaves MaRS Discovery District for top job at EDC". The Globe and Mail. Retrieved 13 April 2026.
- ↑ Silcoff, Sean (4 June 2024). "MaRS slashes top ranks as government-funded innovation agency looks to reset mandate under new CEO". The Globe and Mail. Retrieved 13 April 2026.
- ↑ 6.0 6.1 O'Kane, Josh; Milstead, David; Mercer, Greg (10 November 2023). "Artscape tried to launch a 'game changer' for artists. Now it's on the brink of collapse". The Globe and Mail. Retrieved 13 April 2026.
- ↑ Pasieka, Clara (29 August 2023). "Decades-old Toronto non-profit leasing space to artists goes into receivership". CBC News. Retrieved 6 April 2026.
- ↑ 8.0 8.1 8.2 O'Kane, Josh (3 November 2023). "Artscape to hand over operations contracts to other non-profits as it readies for receivership". The Globe and Mail. Retrieved 6 April 2026.
- ↑ O'Kane, Josh (4 January 2024). "Artist-space provider Artscape owed $21-million to TD, faces receivership court date next week". The Globe and Mail. Retrieved 6 April 2026.
- ↑ Mercer, Greg (12 January 2024). "Artscape formally enters receivership". The Globe and Mail. Retrieved 13 April 2026.
- ↑ "Grace Lee Reynolds: Steering Canada's Innovation Hub Forward". CanadianSME Small Business Magazine. 11 February 2025. Retrieved 13 April 2026.
- ↑ "More than three-quarters of startups say tariffs will impact their business: survey". BNN Bloomberg. The Canadian Press. 1 April 2025. Retrieved 13 April 2026.
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