As a young graduate starting out in accounting, Nicole O’Reilly had no clue that one of her first clients would offer her a pathway to build her career.
In 1998, O’Reilly was working as an auditor for KPMG in Ottawa, a job she would keep for about five years. One of her first clients was Ottawa-based retailer Lee Valley Tools.
“In 2003, (Lee Valley) was looking for a senior accountant. I let the vice-president of finance at the time know that I was interested. I loved working at KPMG. It was a great place to work and I wasn’t looking for another job, but I also really liked Lee Valley and the time that I’d spend there each year as part of my KPMG role,” O’Reilly told OBJ.
After an interview, O’Reilly got the job and “the rest is history.” She worked her way up within Lee Valley to eventually become the company’s chief financial officer in 2009.
The Newfoundland native said there have been countless challenges for the company since she joined in 2003, and especially since she’s been a part of the executive team. The retail industry has always ebbed and flowed, and O’Reilly said Lee Valley hasn’t been immune to those shifts.
“Over the past several years we have had ongoing supply chain challenges, significant tariff-related costs, skilled labour challenges, postal disruptions and, most recently, a three-month loss of manufacturing capacity following the July 1 floods in Ottawa. Leading through these challenges means balancing immediate and urgent pressures with the long-term interests of the business,” she said, adding that dealing with everything has been a “bit of a rollercoaster ride.”
“It’s been constant disruptions for years now. It’s one thing after another and then the (Canada Day) flood happened and you think, ‘Why another thing? Okay, bring it on,’” O’Reilly said.
“None of these disruptions contribute positively to the business, yet they’re a tremendous amount of work so we have to respond with cool, thoughtful minds. We have to make space for the organization to work on the issues to the extent that we can, while still having time to run the business, speak to our customers and do what we’re supposed to be doing … That’s been the story in 2026, 2025, 2024 and probably a few years before that,” she said.
Inspired by her leadership and financial stewardship, OBJ and the Ottawa Board of Trade have named O’Reilly Ottawa’s CFO of the Year for 2026.
O’Reilly said she’s proud of the work the Lee Valley team has done in the past few years to contend with the multiple challenges it has faced.
“The people that work here are so devoted to the company and the brand. It’s part of our culture to work together and be collaborative. I love the management team because we have such different backgrounds and perspectives. Every person on that team contributes to anybody’s success. It’s definitely not about me. It’s about the business, the people that work here and our customers,” she told OBJ.
Having been around since the early 2000s, O’Reilly said she’s been able to watch Lee Valley grow and has been part of shaping its future. She said her greatest accomplishment has been helping the company through a period of significant restructuring.
“I’ve really enjoyed working with the Lee family and being a part of building Lee Valley over the years. Maybe 10 years ago, the first group of leaders were retiring and we needed to find the second group of leaders for the business. The company has been growing and so has the management structure for the business.
“Robin (Lee, CEO) has a different structure than his dad had, so there are differences in how the business is run. Jason (Tasse, president and COO), Robin and I have spent years going through that process and the team we have today is so fun to work with. It’s had its ups and downs, but it’s certainly been rewarding to see the evolution of the company over time.”
As CFO, O’Reilly takes care of finance and accounting, as well as human resources and IT.
“Planning and focusing on our strategy and annual objectives is a big part of my role,” she said. “We’re working towards a goal that is entirely dependent on the consumer. As things shift and change, whether that’s consumer behaviour or trends, we have to reset and make sure that we’re adjusting ourselves to meet the needs of our customers.
“What I am most proud of is the collective effort behind that progress. I get tremendous satisfaction when a member of our leadership team says something like, ‘I know this is a controversial issue, but it’s important and we need to discuss it.’ That happens regularly. It tells me that people care enough about Lee Valley to make themselves vulnerable by speaking openly — and that they continue to do so because their contributions are supported and valued. It is the dedication of our people that allows us to push through the changes needed that will strengthen our business,” she added.
The CFO of the Year award is part of the Best Ottawa Business Awards, better known as the BOBs, which are presented annually each fall. O’Reilly and other notable local business leaders, including Mike Matta, CEO of the Year, and Eliot Pence, Newsmaker of the Year, will receive their awards at a gala at The Westin Ottawa on Thursday, Nov. 26. More information on the gala can be found here.
