Locations
Iain Stewart, the president and CEO of Calgary-based community developer Genesis Land Development Corp. (GDC-T), will be retiring from his positions after more than six years at the helm.
Stewart, who will be stepping down June 30, was appointed president and CEO of Genesis in September 2018 and was a director of the company since August 2013. He will remain a member of the board of directors.
"I am very proud of what we have achieved at Genesis in the last decade, and especially during my time as CEO,” Stewart said in the announcement.
Under his leadership, the company more than tripled its home and lot production and sales, more than doubled its asset base to $585 million, and generated record earnings of almost $40 million in 2024, Stephen Griggs, the board chair of Genesis, said in the release.
Parveshindera Sidhu will succeed Stewart as president, CEO and director, effective June 30. Sidhu has been the president and COO of Genesis since September 2024, and was the president and senior vice-president of Genesis Builders Group Inc. prior to his current role.
Genesis has developed communities across Calgary such as Bayside in Airdrie, Saddlestone in northeast Calgary and Sage Meadows in the northwest of the city. It is developing The Omni, a master-planned, mixed-use project to be located in Rocky View County.
Real estate veteran Stewart
Stewart was previously the co-founder and co-CEO of Calgary-based Parkbridge Lifestyle Communities, which was acquired in 2010 by the British Columbia Investment Management Corporation in a deal which valued Parkbridge at $790 million.
After over 16 years as co-founder and co-CEO of Parkbridge, he served as a senior strategic officer for the company from 2014 to 2018.
His other senior positions include director of Flagship Communities REIT, president of Capella Cove Capital Corp. and RIK Capital Partners, and director of Calgary-based charity Fig Tree Foundation.
A chartered accountant, Stewart has a bachelor of commerce from the University of Alberta.
About Sidhu
Sidhu, who has an MBA from the University of Hertfordshire, started at Genesis as a marketing coordinator in 2005 before moving to Genesis Builders as a production manager in 2007. From there, he took increasingly senior roles as a general manager of home building in 2011, president and vice president in 2014, and president and senior vice-president from 2023 to 2024.
He has been described as “integral to Genesis' growth for nearly 20 years” by Griggs, leading Genesis Builders from constructing less than 150 homes per year to producing and selling over 400 homes per year.
"I am excited to take on the role of CEO of Genesis at an important time in its growth as a significant land developer and home builder in the Calgary area," Sidhu said. "I look forward to continuing to work closely with our exceptional management team and with our board to grow Genesis in the years to come."
Industry Events
Edmonton Convention Centre
Locations
