Last month, Thomas S. Caldwell retired from the Board of Directors of the Canadian Securities Exchange and stepped down as Chairman, a role he had filled since 2012. The move was prompted by a new recognition order from the Ontario Securities Commission requiring the Exchange to have an independent director serve as Chairman.
Mr. Caldwell, President and CEO of Urbana Corporation, played an enormous role in the CSE’s success. In 2012, Urbana led the recapitalization of CNSX Markets Inc., which operates the CSE. Mr. Caldwell was intimately involved in supporting the CSE’s strategy and spearheading its growth. At the time of Urbana’s investment, the CSE had 189 listings, average daily trading volume of 4.22 million shares, and a cumulative market capitalization for all its securities of $1.18 billion. Today, the CSE is a substantial global stock exchange with 610 listings, average daily trading volume of 101.62 million shares, and a cumulative market capitalization of $25.33 billion.
“It is impossible to overstate Tom Caldwell’s contribution to the success of the Canadian Securities Exchange,” said Richard Carleton, CSE Chief Executive Officer. “The success we have achieved in capitalizing on growth opportunities, including those in the cannabis sector, is directly attributable to his leadership. To put it simply, the CSE would not be where it is today without him.”
“I couldn’t be prouder of what the CSE team has achieved over the last eight years,” said Mr. Caldwell. “Back in 2012, I recognized that Canada needed a strong alternative platform that truly met the needs of emerging issuers. Today, there is no doubt that the CSE has fulfilled its promise and is recognized as a preferred public market option for leading entrepreneurs.”
Steve Blake has assumed the role of Chairman of the CSE. Mr. Blake has been a director of the CSE since 2018, and he has more than 20 years of experience in senior financial roles at a range of companies. He was most recently Chief Operating Officer of the Child Development Institute, an accredited children’s mental health agency in Toronto. He previously served as Chief Financial Officer for The Canadian Depository for Securities Limited.
“I am honoured to be named Chairman of the Canadian Securities Exchange,” said Mr. Blake. “While no one can truly replace Tom Caldwell, I am confident that we have an outstanding leadership team in place that is well equipped to drive the next stage of the CSE’s growth and continue to deliver superior service to all of its stakeholders.”
Four New Directors Elected
At the CSE’s Annual and Special Meeting of Shareholders last month, four new, highly talented nominees were elected to the Board of Directors: Hema Barkhouse, Michael Bluestein, Brendan T.N. Caldwell, and Eric Sites. Both Ms. Barkhouse and Mr. Bluestein are independent directors. Three of the CSE’s long-time directors did not stand for re-election: Thomas S. Caldwell, George Elliott, and Joel Strickland.
“We are delighted to welcome four new directors to the Board of the Canadian Securities Exchange,” said Richard Carleton, “They are replacing three truly outstanding directors. Tom, George, and Joel made enormous contributions to the CSE and oversaw a period of significant growth for the Exchange.”
Hema Barkhouse is Vice President, Accounting and Controls at Canadian Tire Corporation Ltd. She has more than 25 years of experience in the retail, consumer packaged goods, telecom, and financial services industries. In addition to Canadian Tire, Ms. Barkhouse has held executive roles at Loblaw Companies Ltd., George Weston Ltd., and Bell Canada.
Michael Bluestein is a Corporate and Securities Lawyer and the Founder of the CC Corporate Counsel P.C. law firm. He has more than 13 years of experience in M&A, corporate finance, registration, compliance, and securities law. He has advised numerous reporting issuers and helped multiple start-ups achieve their goals, from incorporation to successful exits.
Brendan T.N. Caldwell is President, CEO, and CIO of Caldwell Investment Management. He is also Co-Portfolio Manager of Caldwell’s major exchange-related investments, including Urbana Corporation and the Caldwell Growth Opportunities Trust. His securities exchange memberships have included Toronto, New York, the Chicago Board Options Exchange, the Kansas City Board of Trade, and the American Stock Exchange.
Eric Sites is Vice President and Portfolio Manager at Horizon Kinetics LLC, a firm he joined in 2004. He is a member of the firm’s research team and a member of its investment team for certain Horizon private investment vehicles and other registered investment companies. Mr. Sites currently serves on the Council of the Bermuda Stock Exchange, where he heads the New Business Development Committee.
In addition to the four new members, the Board consists of Steve Blake (Chair), Jim Dale, and Jeffrey MacIntosh.
“With our strong new directors and outstanding management team, the Canadian Securities Exchange is well positioned to continue fulfilling its mandate to be the exchange of choice for entrepreneurs,” said Mr. Blake.