Prime Minister Mark Carney is making significant changes to the leadership of the federal agency responsible for attracting foreign investments just before a high-profile summit focused on this objective. Carney revealed on Monday that Dominic Barton, a former Canadian ambassador to China and a prominent figure in corporate Canada, will now head the board of directors for Invest in Canada.
Barton’s professional background includes a tenure at McKinsey and Co., a global consultancy firm, as well as serving as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, he was appointed as the chair of the economic advisory council for the Liberal government led by Justin Trudeau. The council’s report, during Barton’s term, suggested the establishment of Invest in Canada to attract foreign direct investments.
Barton successfully navigated Canada through a challenging diplomatic period with China from 2019 to 2021. His efforts were acknowledged by Trudeau for contributing to the release of two detained Canadians, Michael Kovrig and Michael Spavor, amidst strained diplomatic relations. Barton is set to serve as chair on a part-time basis for a three-year term, with outgoing chair Karl Tabbakh continuing to support the agency’s transition.
Gurinder Grewal, the founder and managing partner of MEM Growth Partners, has been appointed as the new chief executive of Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors such as energy, industrial, infrastructure, and technology. The leadership changes at Invest in Canada come just ahead of Carney’s upcoming investment summit in Toronto, where he plans to present Canadian projects to foreign investors and domestic fund leaders.
Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths and attract new investors to bolster the country’s economy. Laurel Broten, the outgoing CEO, will be succeeded by Grewal. Meanwhile, Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective from September 1, acknowledging her departure from the role before completing the usual five-year term.
Although no specific reason was provided for Broten’s early exit, Carney commended Tabbakh for his service as the agency’s chair, without mentioning Broten in his statement. The Prime Minister’s Office spokesperson deferred commenting on Broten’s resignation, referring to LeBlanc’s statement. A source familiar with the planning of the September investment summit, speaking on condition of anonymity, mentioned that Invest in Canada’s involvement has been mostly limited to a few staff members assisting with logistical arrangements for the event. The source noted that the summit’s organization has primarily been led by staff from the Prime Minister’s Office, government departments, the Canada Pension Plan Investment Board, and the Public Sector Pension Investment Board.