This story has been updated. An earlier version of the story incorrectly stated John Sicard was CEO at the time of Kinaxis's IPO and said Richard Monkman earned a bachelor's degree in business, when in fact his degree was in mathematics.
After helping elevate Kinaxis from a little-known software company into a publicly traded leader in its field, Richard Monkman is getting ready to call it a career.
The Kanata-based firm’s chief financial officer announced late Tuesday that he will retire on Aug. 1 after 15 years in the role. Blaine Fitzgerald, who joined the firm last year and currently serves as an executive vice-president at Kinaxis, will take over as CFO.
“It has been an absolute privilege to help support Kinaxis’s success in becoming an innovative, high-growth, profitable public company,” Monkman told analysts during a conference call Thursday morning.
“While it has been a pleasure working in high tech for the last 40 years, the past 15 years with Kinaxis have been the most rewarding and challenging by far.”
Monkman joined Kinaxis in late 2005, just as the company was transforming its business model: instead of charging customers a one-time upfront fee, it began billing clients by the month for cloud-based software delivered online.
Public listing in 2014
A gutsy move at the time, the decision proved to be a stroke of genius.
The firm began gaining traction in the market, and in 2014, Monkman, then-CEO Doug Colbeth and current chief executive John Sicard, who was chief product officer, led Kinaxis to a public listing on the Toronto Stock Exchange. The executives worked in lockstep, criss-crossing the continent to win over sometimes skeptical investors.
In the end, the firm had one of the biggest Canadian tech IPOs in years, selling more than $100 million worth of stock on the TSX. Last year, Kinaxis surpassed $200 million in annual revenues for the first time as demand for its products surged during the pandemic.
"Truly, the company wouldn’t be in the excellent position it is in today without his very significant contributions."
Sicard had nothing but praise for his longtime friend and colleague during Thursday’s call.
“He’s been an invaluable partner to me and the whole Kinaxis family throughout his long tenure,” Sicard said, calling Monkman a “diligent corporate steward” who helped guide the firm to consistent profitability.
“Truly, the company wouldn’t be in the excellent position it is in today without his very significant contributions.”
Monkman brought strong financial and technical know-how to the job of CFO, earning a bachelor’s degree in mathematics with a minor in business and a master’s degree in engineering, both from the University of Waterloo.
After starting out as an auditor, he worked in various finance roles with a number of tech firms, including SHL Systemhouse, Nokia and IceFyre Semiconductor, before joining Kinaxis.
Monkman said Fitzgerald, who spent three years as Shopify’s VP of finance from 2016-19, brings a “proven understanding of our business” and strong financial skills to the role.
“I know I’m leaving Kinaxis in great hands,” he said.