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Canada  + Cross Border News  + Finance  | 
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Avison Young Revamps Board After Recapitalization

Avison Young has revamped its board of directors following a comprehensive recapitalization.

The smaller, five-member board includes three female independent directors: Cynthia Foster, Curry, Carol Johnson and Eva Maglis.

Foster Curry formerly served as chief revenue officer for New York-based commercial real estate investment firm LEX and for Colliers as an executive managing director and president of U.S. office services. She also sits on Income Commercial Real Estate Income board.

Johnson has served on Avison Young’s board since 2019. She is a former AlliedBarton Security Services president

Maglis formerly served as CGI’s global chief investment officer. She returns to the board after sitting on it from 2020 to August 2023.

Avison Young called Foster Curry, Johnson and Maglis’ appointments an important step forward in the firm’s pledge to action for the Commercial Real Estate Women (CREW) network. The pledge aims to advance women and increase diversity in commercial real estate.

“As a company powered by people with diverse perspectives and experiences, we are proud to see our Board of Directors reflect these values,” said Mark Rose, who continues to chair the board and serve as the company’s CEO.

The other board member is Dean Mullett, senior managing director and head of investment banking for Toronto-based FTI Capital Advisors.

All existing investors remained on board with Avison Young following the recapitalization, which reduced the company’s debt more than half. But the Caisse de dépôt et placement du Québec (CDPQ), which reduced its stake, no longer appoints two independent directors solely oof its choice.

“Those independents are off the board and now the total stakeholders, including CDPQ, get to pick two independents,” said Rose.

In other people and companies news:

  • Colliers has appointed Jonathan Olynick as a vice-president and sales presentative in Toronto. Olynick will focus on office sales and leasing advisory services. He has extensive experience representing landlords and tenants. Prior to joining Colliers, served for three years as a broker with Oakville, Ont.-based Nidea Partners. He has 24 years of commercial real estate industry experience.
  • MCAN Financial Group earned a spot on Canada’s Best Places to Work list for the third straight year. Toronto-based MCAN says diversity and inclusion are fundamental pillars of the company and its success. MCAN invests in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction, and commercial loans. The portfolio also holds other types of securities, loans, and real estate investments.
  • The Montreal Port Authority, a major real estate manager, has appointed Julie Gascon as president and CEO. She has held a number of leadership positions with Transport Canada and the Canadian Coast Guard. She has already assumed the helm at Eastern Canada’s largest container port.


Inside The Story

Mark RoseSeth Greenspan

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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