Toronto’s Harbourfront Centre quietly parted ways with its long-time chief executive officer this month without a public announcement and is now reviewing the past legal history of its interim replacement.
Marah Braye, who had helmed the centre for nearly a decade and previously spent eight years with the Biennale of Sydney in Australia, left her post on Dec. 11. In an e-mail, Harbourfront Centre board president Tenio Evangelista declined to provide the reasons, citing it as a personnel matter.
Mr. Evangelista did, however, praise Ms. Braye’s work in securing additional funding for the venue and boosting its international reputation during her tenure. “Marah has played a pivotal role in supporting artists, performers, arts and community organizations and program partners as well as enhancing the site, creating a lasting and meaningful contribution,” Mr. Evangelista said. Ms. Braye could not be reached for comment.
Sitting on Lake Ontario in the city’s downtown, Harbourfront Centre is home to events such as the Toronto International Festival of Authors and the Indigenous Fashion Arts Festival, a concert stage, and the Power Plant Contemporary Art Gallery.
Andrew Wnek, who had been Harbourfront’s chief financial officer since April, 2020, was promoted to acting CEO the same day as Ms. Braye’s departure.
The board elevated Mr. Wnek without knowing that a company he had previously run had been involved in two legal settlements in recent years regarding capital markets, Harbourfront board president Evangelista told The Globe and Mail. The full terms of one settlement were not agreed upon until October, 2020, after Mr. Wnek had already been appointed Harbourfront’s chief financial officer.
Mr. Wnek has a long history as a turnaround specialist for businesses and charities. He spent more than a decade and a half with Canadian Tire, his LinkedIn profile shows, rising to the rank of senior vice-president of finance and administration, where he oversaw retail restructuring. From there, he began taking jobs with a focus on corporate turnarounds, including as vice-president and controller at Hudson’s Bay Company and as interim chief financial officer at the Canadian Cancer Society.
Shortly before his arrival at Harbourfront Centre, Mr. Wnek spent just under a year and a half as CEO of Beleave Inc., a cannabis producer based in North Flamborough, Ont., during which time it came under scrutiny from B.C.’s securities regulator.
A settlement agreement with the British Columbia Securities Commission, dated June, 2019, shows that between April and June, 2018, Beleave told the public it had raised about $10-million through the sale of shares to specific investors, in what’s called a private placement. But the cannabis producer “retained only $2.5-million of this amount, returning $7.5-million through prepaid consulting fees” to unnamed consultants “who provided no consulting services.”
The settlement said the company took action to correct its disclosures, and the regulator did not pursue any enforcement measures such as requiring related individuals to cease trading securities.
A separate settlement with investors also stemmed from private-placement disclosures in 2018. Beleave filed for creditor protection in June, 2020, after which the company, Mr. Wnek and a co-defendant reached a $2.4-million settlement with the plaintiffs. They admitted no wrongdoing in the settlement.
While Mr. Wnek had worked for Harbourfront for more than three years, the organization was not aware of his former company’s settlements until The Globe and Mail brought them to the centre’s attention this week, Mr. Evangelista said.
Asked if the organization would take action with respect to this information, Mr. Evangelista wrote that “Harbourfront Centre is reviewing the information to gain clarity. We will not be disclosing any details pertaining to HR matters associated with any employee.”
Through a spokesperson, Mr. Wnek declined to comment.