A Heartfelt Goodbye: Moving On After Nearly a Decade as CEO of Henry’s

Now that I’ve transitioned out of my role, I’m looking back on my fifteen years at Henry’s, the legacy my family built, and all the people I’ve had the privilege to work with.

After spending the last year managing the successful transition of Henry’s to Lynx Equity, May 31 was my last day as CEO.

Reflecting on the Last Fifteen Years at Henry’s

When I first came to work at Henry’s full time, fifteen years ago, I didn’t know where it would take me. I definitely did not expect to become CEO. But I fell in love. I already knew it was a very successful brand that my family had built over decades and was beloved by Canadians across the country. What blew me away was the incredible culture and the wonderfully talented people.

Henry’s has some of the most loyal, dedicated people I have ever met. Everybody cares about their work in a way I’ve never seen anywhere else. They support each other, they step in wherever it’s needed, and they are truly invested in everything they do—and they have fun doing it. It’s easy to navigate the complexities of running a business when you have such incredible people.

Now that I’ve transitioned out of my role as CEO, I’m looking back on all the people I had the privilege of working with and all the things we accomplished together.

An Industry in Transition

I was very lucky to work with the wonderful team at Henry’s as we navigated and managed the vast number of changes in both retail and digital imaging over the years. When I joined, the industry was at its peak. It was 2009, and the iPhone was still new—the idea of using your phone as your main capture device hadn’t caught on yet.

In 2011, the Tōhoku earthquake and tsunami in Japan caused widespread damage and significantly impacted supply chains. This upended every organization in the industry, Henry’s included. Factories were shut down, and it took a long time for them to come back online. Supply was constrained, just as it was a few years ago during COVID, as a result, and it was difficult to get enough product to fill the shelves. This also slowed down new product development.

Around that time, the camera industry had been shifting from DSLR to mirrorless technology (initially called “compact system cameras”). By 2012 this had become an important and distinct emerging category in imaging—today, mirrorless is the standard.

By the time I took over as CEO in 2015, smartphones had become a major disruptor in our industry, and retail had shifted significantly. Consumer preferences and expectations were changing with the growth of online giants, and the concept of omnichannel retail was beginning to emerge. We knew we needed to change.

The next few years brought a tremendous amount of transformation. It was challenging, but it was also fun and rewarding to help drive the evolution. Of course, 2020 brought another massive disruption as the COVID-19 pandemic sent shockwaves through the entire retail industry. Henry’s certainly had its share of challenges through that time, but we emerged stronger and more resilient than ever.

In all of this, the best part is how our team stepped up to creatively address the challenges and keep our business going strong. Our scrappy, resourceful team never failed to turn threats into opportunities, creating new ways of serving customers based on their changing needs and preferences. I couldn’t be more proud of them, and to have had the privilege of working with them through all of these changes in our dynamic industry.

Incredible Results Over the Years

As a result, under my leadership Henry’s has seen some tremendous results over the last decade. Notable successes include:

• Growing Henry’s into the largest Canadian digital imaging retailer
• Being named one of Canada’s Best Managed Companies for five years in a row
• Expanding across the country to become a fully national retail operation
• Leading the industry in adopting an omnichannel retail approach
• Becoming the first in the market to embrace content creators, adding new product categories and offering workshops and studio space to support our customers’ creative process
• Rolling out our new store format and real estate strategy to enhance the retail experience and welcome a new demographic
• Rebranding Henry’s as Canada’s Greatest Camera Store, with a new, more modern brand identity
• Improving profitability despite a declining market

I was also personally very proud to be named one of the Top 25 Women of Influence in 2022. That came as a result of my mental health advocacy, which is very important to me, making the award all that more meaningful.

A Purpose-Driven Organization Focused on Mental Health

Our team came together to embrace Henry’s mission to support mental health in Canada, after I became the first Canadian CEO to publicly share their diagnosis of bipolar disorder. Supporting mental health causes is very important to me and my family, and it means a great deal that Henry’s has joined in those efforts.

I am particularly grateful to my sister, Amy Stein, who launched the Henry’s Foundation in support of mental health in 2020, which lives on as the Pixel Foundation, thanks to her leadership. Henry’s is now known for its support of and advocacy for mental health. I know it motivates people throughout the business, and new employees are drawn to Henry’s because of it. Together we pursued this purpose and made it synonymous with Henry’s—that’s something I’ll always be very proud of.

When I shared my story, the outpouring of support was unbelievable. It opened the door to a deeper level of conversation with so many people in both my personal and professional lives, and taught me a valuable lesson in vulnerable leadership.

I can see now that being honest about my challenges helped to create an even deeper sense of openness and trust in our team. So many people have reached out to share their own mental health stories, which has allowed us to connect in a much deeper way than ever before.

Since I shared my story publicly, I’ve had opportunities to deliver keynote addresses and participate in panel discussions on mental health, and speak in front of numerous not-for-profit organizations, educational and industry groups, universities, and private businesses. I plan to continue with this advocacy work—and I’m thrilled to know that Henry’s plans to continue pursuing this purpose too.

The Stein Family Legacy

I am, of course, indebted to my incredible parents, Gaye and Andy Stein (as I wrote in this article.) I’m very proud to be part of this family that has grown the Henry’s brand across four generations into a beloved mainstay of the Canadian specialty retail landscape. A huge part of this legacy is owed to the relationships that my parents built, with employees, vendors, and customers alike. Henry’s is built on the values of caring for people, treating them with dignity and respect, and the results speak for themselves.

While I officially came on full-time fifteen years ago, I grew up at Henry’s. I worked here on weekends and PA days, as well as throughout and just after university, at the front cash and in marketing and finance. I moved on for a time and spent several years in international development and in environmental, social and governance (ESG) investing, but Henry’s has always felt like home. As I took over as CEO, my parents were always willing to provide advice and act as a sounding board. I am honoured that they trusted me to lead Henry’s, and very grateful that they were there to help me along the way. ?

It's also been a great pleasure to work with my sister, Amy, who has been part of Henry’s since we were kids. Amy knows Henry’s inside and out, having worked in every department. Launching the Henry’s Foundation was the perfect role for her: she loves a challenge, she thrives on building something new, and she’s innately curious. She established a successful foundation, growing a big network and establishing Henry’s as a key player in mental health advocacy.

The Henry’s Family Will Always Have a Place in My Heart

I want to thank every single person at Henry’s, at head office and across our stores, for their dedication to our customers and to delivering the Henry’s experience. They make Henry’s what it is—including a truly fun place to work—and I will miss every one of them.

I’m also grateful to the Executive Leadership Team— David Fisch and Rachel Larouche. We’ve been through so much together. We always referred to ourselves as a three-legged stool, each balancing and supporting one another. I guess that would make us a tripod! I’m very grateful for their partnership and friendship.

The extended Henry’s Leadership Team is also an exceptional group of people. Each one of them is an expert in their field, and their commitment to our business has been invaluable. When leaders show up and live their values every day, it makes a real difference. In particular I’d like to thank Tina Khouri, Henry’s director of HR, for being my right hand since she joined the company. Not everyone understands how important HR is, but to me, organizations are all about the people, and Tina gets that.

Valued Vendor Relationships

I’d be remiss if I didn’t also mention the exceptional partnerships that Henry’s has around the world. My dad, Andy, started many of the relationships that we still have today. Our dealings with vendors have never been transactional; we’ve always built strategic, mutually beneficial relationships. Our success is theirs, and vice versa, and it’s truly been a pleasure to work with every one of them.

Organizations that Have Helped Me Grow

I’m also grateful to have had the opportunity to participate in external organizations. Being on the board of the Retail Council of Canada has been very rewarding. Their leadership during the COVID pandemic was particularly phenomenal, and it was great to be a part of it and to benefit from it.

And I’m very humbled to be a part of the Young Presidents’ Organization (YPO). I want to thank my forum members for their ongoing support, and the entire organization for helping me grow my leadership skills. Through YPO I am pursuing executive education at Harvard, where I interact with and learn from leaders from around the world. The YPO Retail Network has taught me so much about different aspects of leading a retail organization, which I’ve brought back to benefit our business. Above all, I’ve made many great friends through the organization, and I will always cherish them.

Positive Results from the Lynx Acquisition

Lynx Equity’s approach is to buy and hold long-standing businesses in the small- to medium-sized enterprise space with the intention of investing in their legacy indefinitely. Its leaders care deeply about maintaining stability. It was important to them that I stay on for a year after the acquisition to ensure an effective transition that upheld my family’s values and its long-term commitment to Henry’s employees, customers and vendors.

Since the acquisition was announced in this press release last year, we have accelerated Henry’s growth and market position as the leading specialty digital-imaging retailer in Canada. I am delighted with these positive results, and thrilled to see the business named one of Canada’s Best Managed companies for the fifth year in a row. I am confident that my family’s 115-year legacy is in good hands.

What’s Next for Me

I plan to take some time off over the summer. After nearly a decade as CEO, I am looking forward to having some space to recharge and regroup. I remain a board member for YPO Toronto and other not-for-profits. And I plan to continue my mental health advocacy work and look for new ways to support Canadians in their journeys.

As I look back on my time at Henry’s, what stands out most is the people. People are what matter most in this life, and I’m truly grateful for all the amazing people I have worked with, interacted with, and become friends with over the last fifteen years. I count myself very lucky to have shared this exciting, meaningful, and life-changing journey with all of them. ??