Questor CEO Departs, New Leadership Navigates Clean Tech Shift

CALGARY, AB – April 20, 2026 – Questor Technology Inc. (TSX-V: QST), a key player in the clean combustion sector, announced a significant leadership transition today with the immediate departure of its long-serving President and CEO, Audrey Mascarenhas. The move marks the end of a transformative era for the company, with Ms. Mascarenhas having led Questor as CEO since 2005.

In the wake of her departure, the company’s Board of Directors has appointed Mike Lindsay as interim President and CEO. Concurrently, Paul Huizinga, an existing board member, has been named the new Chair of the Board. Ms. Mascarenhas will retain a seat on the board, ensuring a degree of continuity during this pivotal period for the Calgary-based firm.

An End of an Era

Audrey Mascarenhas’s tenure at Questor has been foundational to its identity and market position. Joining the company in 1999 and ascending to the CEO role in 2005, she is widely credited with establishing Questor as a leader in high-efficiency waste gas combustion. The company’s press release lauded her contributions, thanking her "for her vision, hard work, and dedication to Questor over many years."

Under her leadership, Questor developed and promoted its proprietary clean combustion technology, which achieves a 99.99% efficiency rate in destroying harmful pollutants like methane and hydrogen sulfide. This technology earned the company strong brand recognition both in Canada and internationally, and its ISO 14034 Certification became a key differentiator. Mascarenhas was a vocal advocate for methane reduction strategies, positioning Questor as a critical solution provider for industries aiming to meet stricter environmental regulations and net-zero targets.

While the official announcement suggests an amicable separation, with the company wishing her "all the best in her future endeavours," the transition comes against a backdrop of complex shareholder history. Some commentary on public investor forums has previously pointed to dissatisfaction among minority shareholders regarding past executive compensation decisions, indicating that leadership has not been without its internal pressures. Mascarenhas's continued presence on the board creates an interesting dynamic, allowing her to provide guidance while the company searches for a permanent successor.

New Leadership and Boardroom Dynamics

The appointment of an interim CEO and a new Board Chair signals a period of both transition and evaluation for Questor. The immediate task falls to interim President and CEO Mike Lindsay, who must guide the company through this crucial phase. Details regarding Lindsay's professional background and previous roles within Questor have not been publicly detailed, leaving investors and industry observers to await further clarification on his strategic vision for the company. The lack of a detailed biography on the company's leadership page has created a short-term information vacuum.

Adding to the intrigue, a prominent executive named Michael Lindsay has a well-documented history in public infrastructure, having served as CEO of Infrastructure Ontario and later Metrolinx. However, it remains unconfirmed if this is the same individual now leading Questor.

Meanwhile, the elevation of Paul Huizinga to Chair of the Board provides a measure of stability. As an existing director, Huizinga is familiar with Questor's operations, strategy, and challenges. His new role will be critical in overseeing the executive team, managing the CEO succession process, and ensuring that the board functions effectively with the former CEO still among its members. This governance structure—an interim CEO, a new Chair, and the former CEO as a director—will require careful navigation to maintain clear lines of authority and strategic direction as Questor defines its next chapter.

Strong Momentum Amidst Change

The leadership shakeup occurs at a time when Questor has demonstrated significant operational and financial momentum. After navigating a challenging period, the company has posted impressive financial turnarounds. For the second quarter of 2025, Questor reported revenues of $3.02 million, a dramatic increase from $870,360 in the same period of 2024. This growth contributed to a positive Adjusted EBITDA of $1.0 million, a stark reversal from a loss of $0.7 million the previous year. The first quarter of 2025 showed a similar positive trajectory.

This financial upswing is bolstered by a series of major contract wins that underscore the growing global demand for its technology. In September 2025, Questor secured a substantial $9 million, three-year contract to provide its clean combustion solutions in Mexico, a project aimed at curbing methane emissions from flaring. This followed a $2.4 million contract in Iraq announced in April 2025, marking the company's second major project in the Middle East and North Africa (MENA) region.

Beyond its core combustion business, Questor is advancing its innovation pipeline. The company is developing a 1500kW waste-heat-to-power prototype, with commissioning planned for late 2025. This technology represents a key strategic diversification, enabling clients to not only destroy waste gas but also generate electricity from the process, further enhancing energy efficiency and reducing their carbon footprint. This existing momentum provides a solid foundation for the new leadership to build upon.

Navigating a Competitive Clean Tech Market

Questor's transition is set against the backdrop of a rapidly expanding and fiercely competitive global environmental technology market, projected to reach over $622 billion in 2026. This growth is fueled by stringent environmental regulations, rising public demand for sustainable practices, and the full integration of ESG factors into corporate strategy. North America, with its robust regulatory frameworks, is expected to lead this market, creating significant opportunities for companies like Questor.

The market’s immediate reaction to the leadership change has been measured. Questor's stock (QST) saw a slight dip in trading following the announcement, reflecting the uncertainty that often accompanies such high-level transitions. Analyst opinion on the company remains divided. While some pre-announcement ratings labeled the stock a "Sell," others saw it as "Undervalued" with significant upside potential, highlighting a divergence in market sentiment regarding its future prospects.

The new leadership team will be tasked with leveraging Questor's recent successes and established technological edge to capture a larger share of this growing market. With over 300 competitors identified in its space, the ability to innovate, execute on its international contracts, and articulate a clear, long-term strategic vision will be paramount. The search for a permanent CEO will be a defining process for the company, determining whether it can convert its current momentum into sustained, long-term growth and solidify its position as a leader in the global transition to cleaner energy.