Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment just ahead of a significant summit focused on this goal. Carney announced that Dominic Barton, a prominent figure in corporate Canada and former Canadian ambassador to China, will now lead the board of directors at Invest in Canada.
Barton, known for his extensive tenure at McKinsey and Co., a global consulting firm, as well as his roles at mining company Rio Tinto and LeapFrog Investments, was appointed as chair by Carney. Barton previously served as the chair of the Liberal government’s economic advisory council under Justin Trudeau, which recommended the establishment of Invest in Canada to attract foreign direct investment.
Having navigated through a challenging diplomatic period with China from 2019 to 2021, Barton’s efforts were acknowledged by Trudeau for aiding in the release of two detained Canadians, Michael Kovrig and Michael Spavor. Barton will assume the role of chair on a part-time basis for a three-year term, while the outgoing chair Karl Tabbakh will continue to support the transition.
In a significant move before Carney’s upcoming investment summit in Toronto, Gurinder Grewal, founder 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.
Carney expressed confidence in Barton and Grewal’s capabilities to leverage Canada’s strengths and attract new investors, aiming to drive billions in investments into the country for a more robust and resilient economy. Laurel Broten, the outgoing CEO, will be succeeded by Grewal. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation and acknowledged her service.
While no reasons were provided for Broten’s early departure, Carney commended Tabbakh for his service but did not mention Broten specifically. The Prime Minister’s Office spokesperson deferred comments on Broten’s resignation, referring to LeBlanc’s statement expressing gratitude to her for her service. Ahead of the investment summit in September, it was revealed that Invest in Canada had limited involvement, with the Prime Minister’s Office and various government departments leading the summit preparations, alongside pension investment boards.