Less than seven months after starting, Equestrian Canada’s Chief Financial Officer, Sandra Troster Diaz, has left EC under undisclosed circumstances. This is the second CFO to leave EC since Eva Havaris was named CEO, as 11-year veteran CFO Mike Arbour resigned in March.
EC posted a record loss of almost $500,000 in 2015 after the first year of Havaris’ leadership. The trend continued in 2016 with a $340,000 loss in the Unrestricted Fund used for general operations among some other things. The damage may continue into 2017 as the board has been waiting for nine months to receive crucial financial information from Havaris who had blamed the transition to a new accounting system for the delay.
“We recognize that there have been serious challenges and delays since the earlier part of this calendar year within the financial aspect of our business at EC,” explained Eva Havaris, EC Chief Executive Officer. “Some of the specific challenges have included delays associated with the organization’s transition from an archaic financial accounting system, as well as the finance department’s responsiveness to our valued clients and vendors. We acknowledge that we have under-delivered and that we need to take a proactive approach in these circumstances to effectively complete the financial transition underway at EC. Mike’s appointment is a critical step to address this situation.”
As Arbour was able to provide regular financial statements to the board, councils and discipline committees using the old software, it is unclear why Havaris couldn’t make this information available to the current board. The CEO of any organization is responsible for providing financial information at regular intervals to the board, and it is the board’s responsibility to ensure that there are adequate financial resources available. Current board members include:
- Jorge Bernhard – President
- Al Patterson
- Deanna Phelan
- Dominique Chagnon
- Doug Orr
- Frédéric Pierrestiger
- Lisa Lazarus
- Liz Saunders
- Peggy Hambly
- Ross Millar
- Terrance Millar
- Tony Eames
Replacing Troster Diaz will be former Commercial Director Mike Mouat, effective immediately. Mouat is tasked with immediately:
- Completing the accounting system transition
- Completing the transition of EC’s financial framework and budgeting process
- Delivering timely and accurate month-end and year-end reports
More from Horse Sport:
