RECO CEO to retire in February 2025

COO Brenda Buchanan to become interim CEO

December 9, 2024 (Toronto)
After a successful seven-year tenure leading RECO through a period of growth and positive change, CEO Michael Beard has advised the Board of his plan to retire in February 2025.

“I am immensely proud of the work we have done together as a team at RECO. We have advocated for and implemented a significant regulatory enhancement to the benefit of consumers and the industry, increased our enforcement capacity, found many cost and other efficiencies, and introduced a meaningful 30% fee reduction for registrants that will remain in place for many years to come,” Michael noted. “There is never a specific point in regulatory work where we can say we are completed, but I am looking forward to starting a new and more family- and travel-focused phase of my life knowing that the people of RECO will continue this important work from a strong foundation.”

On behalf of the Board, RECO’s Chair, Katie Steinfeld, expressed gratitude for the outgoing CEO’s contribution to the real estate services sector. “The Board sincerely appreciates Michael’s commitment to improving the real estate services sector for consumers and registrants. He will be leaving the board and the employees of RECO an impressive legacy from which we will continue to build. We sincerely wish him the best and will be working closely with him in the coming weeks to ensure a seamless transition.”

RECO’s Board will conduct a search for a permanent CEO, with a goal for completion by mid-2025. On an interim basis until the completion of the CEO search, the Board has appointed Brenda Buchanan, RECO’s Chief Operations Officer, as interim CEO, who will be taking over from Michael upon his departure in February 2025. Brenda joined RECO in 2019 from another administrative authority and is a key member of the Senior Management Group and advisor to the Board.

For further information, please contact:
Real Estate Council of Ontario
Email: MediaContact@reco.on.ca