Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment just before an important summit focused on this goal. Carney revealed on Monday that Dominic Barton, a former Canadian ambassador to China and a prominent figure in the corporate world, will lead the board of directors for Invest in Canada.
Barton’s professional background includes a significant tenure at McKinsey and Co., a global consulting firm. He also serves as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, Barton was appointed as the head of the economic advisory council for the Liberal government under Justin Trudeau. The council’s recommendations included establishing Invest in Canada to draw foreign direct investment.
During a challenging period in Canada’s diplomatic relations with China from 2019 to 2021, Barton played a crucial role. Trudeau acknowledged Barton’s efforts in securing the release of Michael Kovrig and Michael Spavor, two Canadians detained in China during this turbulent time.
Barton will take on the position of chair for a three-year term on a part-time basis. The current chair, Karl Tabbakh, will continue to support the transition by remaining on the board of Invest in Canada.
Gurinder Grewal, founder and managing partner of MEM Growth Partners, will assume the role of chief executive officer at 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 shortly before Carney’s inaugural investment summit in Toronto, where he plans to gather foreign investors and key domestic fund leaders to present Canadian projects. Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths to attract new investors and generate substantial investments for the country’s economy.
Laurel Broten, the outgoing CEO, will be succeeded by Grewal. Dominic LeBlanc, the minister responsible for the federal investment agency, confirmed Broten’s resignation effective September 1. Broten’s departure, occurring almost four years into what is typically a five-year term, was not accompanied by an explanation.
Carney commended Tabbakh for his service as the chair of Invest in Canada but did not mention Broten in his statement. The Prime Minister’s Office spokesperson deferred commenting on Broten’s resignation, referring to LeBlanc’s statement, which expressed gratitude for Broten’s service and extended best wishes for her future endeavors.
Ahead of the upcoming investment summit in September, sources familiar with the event planning mentioned that Invest in Canada’s involvement has primarily been limited to a small number of staff members assisting with logistics. The summit’s organization has been primarily led by staff from the Prime Minister’s Office, various government departments, and entities like the Canada Pension Plan Investment Board and Public Sector Pension Investment Board.