Latest news with #JaimeBoldt
CBC
09-06-2025
- Business
- CBC
REAL appoints Rick Bennett as new CEO
A troubled Regina municipal corporation has announced Rick Bennett as its new CEO and President. Bennett joins Regina Exhibition Association Limited (REAL) after working as a management consultant since 2017. He was previously with Aramark and Compass Group, according to his LinkedIn page. He'll now have the task of stabilizing a municipal corporation that has experienced a complete turnover in its board of directors and just last week dismissed seven of its senior managers. Jaime Boldt, chair of the REAL board of directors, touted Bennett as man with 20 years of international experience in hospitality, sports tourism and venue operations. The announcement comes just days after Regina city council approved a 90-year lease for a sports bar and music venue at the REAL campus in downtown Regina. "I'm honoured to join REAL at such a pivotal moment," Bennett said in a news release. "There's strong momentum already underway, and I'm excited to help accelerate that progress and shape a future our team and community can be proud of." REAL's new direction REAL is responsible for putting on events and promoting concerts while operating the Brandt Centre, the Co-operators Centre and Affinity Sportsplex in downtown Regina. City staff have already been directed by council to create a report examining the future of REAL, as it has struggled with a financial downturn from the COVID-19 pandemic, a lack of major events and a business model that does not cover its expenses. Multiple scandals, including a failed bid to re-energize the city's tourism brand as Experience Regina, have not helped grow public support. The organization's entire board of directors was dismissed by city council in November 2023, while former CEO Tim Reid was dismissed without cause in January 2024. Those decision provided no relief for the City of Regina, which in 2024 provided the organization with $17.2 million: $5.2 million as part of the city's budget, $8 million to pay back the Canada Revenue Agency for a pandemic wage subsidy it inappropriately accessed and $4 million to help pay down its line of credit so it could continue operating into the first quarter of 2025. The organization's 2025 budget was passed at $11.2 million. The municipal corporation also carries with it $16.7 million in debt. Multiple reports have highlighted that REAL has no ability to service that debt on its own. Since all of REAL's loans are guaranteed by the city, Regina would ultimately be responsible for repaying that money. Since 2019, REAL has needed an estimated $44 million in facility maintenance. An updated facility maintenance assessment has been completed, Boldt confirmed last week. Boldt wouldn't comment on the details of the report, but inflation will only have pushed the cost of repairing REAL's facilities higher. The city report would weigh the benefits of fully or partially integrating REAL and its assets into the City of Regina, dissolving the municipal corporation altogether and having the city take over its assets, or keeping REAL as it is with a reduced mandate and better financial efficiency. REAL's board are also pursuing a new business model that could include outsourcing the management of its facilities or contracting out some of its responsibilities. The status of that review isn't clear, but the city and REAL are supposed to work together on the parallel tasks.
CTV News
04-06-2025
- Business
- CTV News
REAL lays off 7 members of ‘senior management' as part of restructuring
Jaime Boldt, chair of the board of directors for the Regina Exhibition Association Limited (REAL), speaks to reporters on June 3, 2025. Seven people have been relieved of their duties at the Regina Exhibition Association Limited (REAL) as part of restructuring at the embattled organization. The staffing changes were confirmed by Jaime Boldt, the chair of REAL's board of directors, following a special city council meeting on Tuesday. The layoffs come as the company works to restructure itself towards a more 'efficient' and 'financially responsible' organization. 'Going back to the mandate that we were given, the motion that was passed a few months ago was asking REAL to go back to the business model – and to look at it and that's what we did,' Boldt told reporters. 'That in-turn led us to a point where we needed to take a really hard look at the structure.' REAL parted ways with the employees on Monday, June 2. Boldt did confirm the seven employees were part of the organization's senior leadership and that their positions were being completely eliminated. 'We also recognize that this impacted people's lives. You know we're talking about positions, we're talking about that, but these are people,' Boldt noted. 'I really want to stress that this was really important to us. It wasn't done without careful consideration and support of the board. Yesterday was not an easy day for many people.' The changes come as REAL is expected to name a permanent CEO in the coming days. 'We are very excited to be making that announcement early next week. Stay tuned,' Boldt added. REAL is due to announce its plans and concert lineups for the 2025 Queen City Ex on Friday, June 6.
Yahoo
04-06-2025
- Business
- Yahoo
Seven senior leadership positions eliminated at REAL in 'restructuring'
Regina Exhibition Association Limited (REAL) has eliminated several upper management roles as part of an ongoing effort to update how it operates as an arms-length municipal entity. The organization operates the REAL sports complex and exhibition grounds for the City of Regina. Seven senior-level positions were terminated on Monday as part of a 'reorganization and restructuring,' REAL board chair Jaime Boldt confirmed on Tuesday. The eliminated roles were not provided. 'We recognize that this impacted people's lives,' she told media. 'I really want to stress that was important to us, and it wasn't done without careful consideration and support of the board.' Boldt said the layoffs were the next step in REAL's ongoing internal work to review its governance model and become financially stability, as directed by city council last June. 'That's what we did. That, in turn, led us to a point where we needed to take a really hard look at the structure,' Boldt said. 'Yesterday (Monday) was not easy for many, many people and we appreciate that. But this is a business decision, and we believe it's the right thing for REAL.' She said the positions have been rolled into a new management structure that aims 'to create efficiencies and be more financially responsible in the operations of REAL.' City council's directive for internal changes was the culmination of months of critical attention on REAL. That followed a failed tourism campaign that drew international attention for its 'sexist' undertones. The organization later revealed it has been running deficits since 2021. REAL has also been granted $15.4 million in funding top-ups from the city to cover its deficits in the last two years. City administration is separately exploring its own report on the future of the corporation. That includes assessing the risks to the city as REAL's sole stakeholder if the organization were to dissolve. During a special city council meeting Tuesday, Boldt noted an announcement is coming next week about REAL's efforts to hire a new president and CEO. lkurz@ REAL to stay, new board and financial plan to come this fall REAL's new interim CEO pulls 'inappropriate' comment from consulting website The Regina Leader-Post has created an Afternoon Headlines newsletter that can be delivered daily to your inbox so you are up to date with the most vital news of the day. Click here to subscribe. With some online platforms blocking access to the journalism upon which you depend, our website is your destination for up-to-the-minute news, so make sure to bookmark and sign up for our newsletters so we can keep you informed. Click here to subscribe.
