logo
Mazda Canada CEO David Klan to retire, COO Amy Fleming named successor

Mazda Canada CEO David Klan to retire, COO Amy Fleming named successor

RICHMOND HILL – Mazda Canada Inc. says president and chief executive David Klan will retire later this year.
He will be succeeded by Amy Fleming, the company's chief operating officer, effective Oct. 1.
Klan, 33-year veteran of Mazda, held a broad range of executive positions with Japanese automaker globally before taking the top Canadian job in 2019.
Fleming joined Mazda Canada in 2006 and has been senior director and chief operating officer since 2023.
Based in Richmond Hill, Ont., Mazda Canada is responsible for the sales and marketing, customer service and parts support of Mazda vehicles in the country.
Monday Mornings
The latest local business news and a lookahead to the coming week.
It has a network of 163 retail stores across Canada.
This report by The Canadian Press was first published June 20, 2025.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

AIMCo seeks new CIO amid push to expand Calgary office
AIMCo seeks new CIO amid push to expand Calgary office

Calgary Herald

timean hour ago

  • Calgary Herald

AIMCo seeks new CIO amid push to expand Calgary office

Article content Alberta Investment Management Corp. is hunting for a new chief investment officer as it carries out an overhaul that began last year when the provincial government fired the board and its top executive. Article content The new CIO would be based in Calgary, the largest city in Alberta and the home of Canada's major oil and gas companies. Edmonton-based Aimco is considering both internal and external candidates, according to people familiar with the matter, asking not to be identified because they weren't authorized to speak publicly. Article content Article content Article content Four people held the CIO title at Aimco in less than four years. The most recent, Marlene Puffer, departed in September. Article content Article content Aimco, which manages about $180 billion of pension capital and other money for the Canadian province, wants to increase its staff in Calgary to boost the city's financial sector. Newly appointed Chief Legal Officer John Walsh works out of the Calgary office, which has about 70 of Aimco's 680 employees. Article content 'The size of the team in Calgary has grown and we're looking for space to accommodate them,' Aimco spokesperson Carolyn Quick said. The firm is also changing its remote-work policy, requiring employees to work from the office three times a week starting in January, the people said. Article content Aimco's restructuring was set in motion on Nov. 7, when Alberta's finance minister sacked the board, Chief Executive Officer Evan Siddall and three other executives, saying they had allowed expenses to soar to unacceptable levels. Ray Gilmour was named interim CEO and Stephen Harper, the former Canadian prime minister, was installed as chair. Article content Article content Since then, the money manager's global expansion, championed by Siddall, has reversed. It shuttered its offices in New York and Singapore and parted ways with David Scudellari, its global head of private assets, and Kevin Bong, the executive who ran the Singapore office. Article content Last month, Aimco laid off around a dozen employees and decided to freeze around 25 vacant roles, according to one of the people. Earlier this year, Aimco eliminated 19 jobs, including the role responsible for the diversity, equity and inclusion program. Article content Aimco produced a 12.6% return last year in its balanced fund, missing its benchmark of 13.4%. Its total fund return was 12.3%. But the fund's results exceeded those of some peers in the so-called Maple Eight, such as Ontario Municipal Employees Retirement System and Ontario Teachers' Pension Plan, which last year earned 8.3% and 9.4%, respectively.

Competition law reforms promise larger financial penalties and more lawsuits
Competition law reforms promise larger financial penalties and more lawsuits

Globe and Mail

timean hour ago

  • Globe and Mail

Competition law reforms promise larger financial penalties and more lawsuits

Breaking Canadian competition laws now carries stiffer financial penalties and an increased risk of class-action lawsuits after long-promised reforms took effect on Friday. The federal government unveiled updates to the Competition Act last June, with amendments that included significantly increasing the ability of businesses, consumers and public interest groups to seek cash compensation over issues that include misleading advertising. Law firm Osler, Hoskin & Harcourt LLP in a report called the changes 'the most dramatic expansion of private enforcement of Canada's competition law in a generation.' The federal government gave companies a year to adapt to the new regime, with the new regulations coming into force on June 20. 'These changes will have significant implications for businesses, as they open the door for increased litigation and class-like actions based on competition law claims,' said Julie Soloway, a partner and co-chair of the competition, antitrust and foreign investment group at law firm Blake, Cassels & Graydon LLP, in an email. Competition watchdog finalizes anti-greenwashing guidelines for businesses Prior to the reforms enacted on Friday, competition regulations limited the ability of individuals and companies to sue companies for damages for criminal acts such as price-fixing or bid-rigging. Having to prove criminal behaviour as part of a lawsuit meant only a handful of cases were every filed and most were settled or withdrawn. The new competition laws allow companies or consumers to win compensation equal to the value of the benefit derived from anti-competitive conduct, with the federal Competition Tribunal presiding over the hearings. 'Businesses now have greater ability and more reason to bring private cases about others' conduct, on top of complaining to the Competition Bureau,' Ms. Soloway said. In cases involving misleading advertising, consumers can claim damages equal to the amount they paid for the products involved in the marketing campaign. 'Any misleading advertising, including greenwashing, and agreements likely to prevent or lessen competition substantially can now be the subject of private applications,' Ms. Soloway said. The Canadian economy features a number of sectors dominated by a few large companies, including telecom, transportation, banking and grocery stores. Under the new competition regime, private litigants such as rival businesses can sue over competition issues, even if the Competition Bureau of Canada, the federal watchdog, gave its stamp of approval. The amendments could expose companies 'to tactical litigation and financial risks before the tribunal in respect of market conduct that the commissioner has declined to investigate or enforce,' a team of lawyers at Osler said in a recent report. Matthew Boswell: Competition is the solution to Canada's productivity crisis The new rules promoting private enforcement of competition laws are part of Commissioner of Competition Matthew Boswell's six-year campaign to increase economic efficiency by giving regulators, private entities and the quasi-judicial Competition Tribunal more power. 'Commissioner Boswell has been provided with long-sought tools, increased resources and a stronger enforcement hand,' the Osler lawyers said. 'With the enhanced role for private parties to contest market conduct, the Competition Bureau's enforcement burden will be reduced, potentially leaving the Commissioner freer to pursue investigations.'

Buying a house got costlier in May. What should your household income be?
Buying a house got costlier in May. What should your household income be?

Global News

time3 hours ago

  • Global News

Buying a house got costlier in May. What should your household income be?

Signs of a rebound may be emerging in Canada's real estate market after months of declining home prices. While buyer-friendly conditions persist in some markets, many Canadians will have to shell out more for their monthly mortgage payments, a new report shows. The monthly home affordability report by looked at home prices and mortgage rates from 13 Canadian cities. In eight of those cities, mortgage affordability got worse in May. Penelope Graham, mortgage expert at said the buyer-friendly market conditions are unlikely to last for very long. 'While buyers have enjoyed attractive housing affordability conditions throughout the spring, those days may be numbered. The latest May national housing data reveals sales are firming up over the short term,' she said. While mortgage rates remained largely unchanged, rising home prices mean you'd have to spend more money on your monthly mortgage payments, depending on where you live. For most Canadian cities, the annual household income you'd need to get approved for a mortgage has also gone up. Story continues below advertisement In May, the price of the average Canadian home was $691,299. While that is still down 1.8 per cent compared with this time last year, it is an increase of 1.9 per cent compared with April this year. A Royal Bank of Canada report said buyers are expected to dive back into the market as the uncertainty around U.S. tariffs becomes clearer. 'We expect housing market confidence to gradually rebuild as tariff de-escalation lifts some of the uncertainty that hindered activity earlier this year,' RBC economist Robert Hogue said in the report. 1:54 Business Matters: Canada's housing market in holding pattern, CREA data shows Costlier mortgages The data from Ratehub's report is based on a 10 per cent down payment with a 25-year amortization. The city that saw the highest increase in monthly mortgage payments was St. John's, N.L., where someone locking down their mortgage in May would have to pay $45 more and would need an annual household income of $86,450. Story continues below advertisement 'St. John's saw the most significant increase, with $1,690 in additional income required to purchase the average home. This is due to home prices rising ($8,900), the biggest increase of all the cities,' Graham said. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Halifax also saw affordability worsen, with the average resident paying an additional $38 a month for their mortgage. They would need a household income of $122,830 (an increase of $1,430) to buy a house. Regina (increase of $27) and Montreal (increase of $26) both saw monthly mortgage costs go up. In Regina, you would need an annual household income of $79,350 (an increase of $1,020 since April) and in Montreal, you'd need $124,620 (an increase of $980 since April). After a drop in home prices in April, the price for an average home in Toronto rose $3,400 to $1,012,800 in May. A Torontonian would have to spend $17 more ($5,139 a month) and need an annual household income of $206,500 to be able to afford a home. Winnipeg saw monthly mortgage costs rise by $13 a month to $1,968 and the average Winnipegger would need $88,250 annually to be able to buy a house. Edmonton ($7) and Fredericton ($5) both saw minor increases in monthly mortgage costs. In Edmonton, you'd need an annual household income of $96,670, while in Fredericton, you'd need $78,200. The only city that saw no change in affordability was Calgary. The average home price in the city remained the same as in April ($583,000), as did the monthly mortgage cost ($2,958) and annual income needed to buy a house ($125,170). Story continues below advertisement 2:21 Business Matters: May 'another sleepy month' for homebuyers. Will a rate cut wake them up? Where did affordability improve? 'While the majority of the cities saw affordability worsen, the biggest change was actually in Hamilton, where affordability saw a massive improvement, with $3,480 less income required to purchase the average home,' Graham said. The average home price in Hamilton was $183,100 — a drop of $7,500 since May. Story continues below advertisement A Hamilton homebuyer would need an annual income of $163,020 to be able to buy a house. With a 10 per cent down payment and a 25-year amortization, their monthly mortgage rate came down to $3,973 a month. This means that a Hamilton mortgage buyer who locked down their rate in May would save $93 a month compared with someone who locked it down in April. The decline in home prices comes amid the U.S. trade war and President Donald Trump's 50 per cent tariffs on foreign steel and aluminum. Hamilton is home to major Canadian steel producers and faces growing concerns about the potential for layoffs and plant closures as a result of the tariffs. While Vancouver saw the second biggest decline in home prices, with a decline of $7,500, it remains Canada's most expensive housing market by far, with an average home in May costing $1,177,100. Vancouverites also need the highest annual income of any city in Canada at $237,550 a year. They would also have to pay the highest monthly mortgage of $5,973 with a 10 per cent down payment, although it dropped $38 from April. In May, Victoria came in as the third most expensive housing market in Canada after Vancouver and Toronto, though average home prices dropped to $892,700, with the average homebuyer needing an annual salary of $183,750. Monthly mortgage costs dropped $38 to $4,530 a month. Story continues below advertisement Affordability also improved in the nation's capital, with the average Ottawa home price dropping to $629,800. An Ottawa resident would save $7 on their mortgage payment if they bought in May ($3,196 a month) and would need an annual household income of $134,020 to be able to buy a house.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store