Former WestJet boss helping fort McMurray take flight
Ex-WestJet boss leads initiative aimed at restoring region’s economic advantage
Former WestJet chief executive officer Gregg Saretsky, who retired abruptly from the airline in March, is using his high profile and community connections to lead a new economic development initiative in Fort McMurray.
In an interview with Postmedia, Saretsky declined to comment on the circumstances behind his sudden departure from the Calgarybased airline, citing a non-disclosure agreement with the company. Saretsky ’s exit came in the midst of ongoing labour disputes at the airline which, coupled with the lack of communication from the company about his departure, fuelled public and media speculation.
But the 58-year-old Calgarian, who headed Canada’s number two airline for eight years, spoke at length about his new role as chair of the newly formed Wood Buffalo Economic Development Corp. He said he views the opportunity as a way to “give back” to a community that has been an important hub for the company he once helmed.
“Fort Mac, in the boom times, was a big generator of business for WestJet. … We got to carry a lot of people and make a lot of money flying people to and from Fort McMurray,” Saretsky said. “Of course, then the downturn happened and WestJet ended up culling a lot of capacity … but having been at the helm for almost 10 years at WestJet and seeing how that benefited our business, the opportunity now is to take what I’ve learned and what I know about the community and its spirit and try to help them achieve more economic advantage.”
The fact Fort McMurray, until now, has not seen the need for an economic development organization, speaks volumes about the unique nature of the community. During the oilsands-driven boom that began in the 1990s, the city’s population soared by 71 per cent in just over a decade (2000-2012) and housing and service sector workers were scarce.
However, in recent years the community and surrounding municipality of Wood Buffalo have suffered the double whammy of an oil price-led recession and a devastating wildfire that occurred in May 2016. While the region’s economy, like the rest of Alberta, is now in slow recovery mode, Wood Buffalo’s unemployment rate in July sat at 6.3 per cent — lower than the provincial average of 6.6 per cent but still higher than the Canadian average of 5.9 per cent.
“I think nobody saw the end of the energy boom, and then it happened. And the crisis was even worse in the Wood Buffalo region, because it’s really the only driver of the economy that they have,” Saretsky said. “There is no quick fix.”
Still, the new Wood Buffalo Economic Development Corp. has some ideas. Saretsky said the organization is hoping to grow other industries, such as tourism.
“This isn’t Las Vegas, we’re not going to attract visitors by the hundreds of thousands. But I think more people can come and explore this region,” he said. “For example, we have beautiful northern lights in northern Alberta, and we know that Japanese tourists come all the way to the Yukon to see northern lights.”
It also hopes to attract a new, large retailer to the region, something that would create jobs and help keep local dollars in the community.
“The region doesn’t have a Costco. When you look at the sales receipts for Costco in Edmonton, a lot of the product ends up back in Fort McMurray,” Saretsky said.
He added there is also interest in working directly with oilsands companies to see if there is any way to entice more of their fly-in, flyout employees to lay down roots in Fort McMurray.
“These companies are spending a lot of money transporting workers back and forth,” he said. “If some of that money could be diverted into some economic incentives for these workers to become residents in the region, then it’s a win-win.”
The Wood Buffalo Economic Development Corp. is currently searching for a chief executive, and hopes to have one in place by the end of the year. When that happens, Saretsky said, that person will become the leader and face of the organization, though Saretsky himself will remain in his role as chair of the board.
As for his own career future, Saretsky said he has received numerous calls and offers since leaving WestJet — including an overture from Calgary 2026, the group preparing for a potential bid to host the Winter Olympic Games in eight years. Mary Moran from Calgary Economic Development was ultimately selected as the bid corporation’s CEO.
Saretsky, who has spent much of his time during the last few months in the mountains and travelling in Europe, said he hasn’t been ready to accept any offer up to this point.
With summer now drawing to a close, however, Saretsky acknowledged there may be new opportunities in his future — though he’s in no hurry.
“I would go in for CEO for the right opportunity, but I’m actually not actively looking,” he said. “If something comes along that provides me with the opportunity to grow a business or turn around a business, those things might be of interest to me.”