The former Canadian ambassador to China Dominic Barton has been appointed as chair of Invest in Canada’s board of directors following the resignation of the federal agency’s chief executive.
Prime Minister Mark Carney on Monday announced Barton’s appointment along with Gurinder Grewal’s as the new chief executive of the foreign-investment agency .
“As we look to capitalize on (Canada’s) strengths with new investors, Dominic Barton and Gurinder Grewal have the experience and ambition Canada needs,” Carney said in a statement. “Under their leadership, Invest in Canada will catalyze billions in new investments into Canada to build a stronger, more independent, more resilient Canadian economy for all.”
The appointments come after Laurel Broten , a former Ontario cabinet minister, suddenly stepped down as chief executive of Invest in Canada just weeks ahead of the Canada investment Summit, which will held in Toronto on Sept. 14 and 15.
The statement made no mention of Broten or her departure, but Carney thanked Karl Tabbakh for his service as chair of the board of directors during his three-year term.
Tabbakh will remain on the board beyond the expiry of his term to “ensure continuity, support the leadership transition and help oversee the implementation of the next phase of the organization’s journey,” the statement said.
“Tabbakh helped guide Invest in Canada through a period of significant global disruption, as it strengthened its role in attracting and facilitating major investments, deepened collaboration with partners across every order of government, and expanded its support for global investors looking to invest and grow in Canada.”
Barton, who will replace Tabbakh, is the chair of Rio Tinto Group , one of the world’s largest mining companies, and LeapFrog Investments. He spent more than 30 years at McKinsey & Co., including nine years as global managing partner.
Grewal, who will replace Broten, is the founder and managing partner of MEM Growth Partners and previously spent more than a decade at Advent International, where he was a partner and co-head of Industrials, Infrastructure and Energy.
Barton will hold the position of chairman on a part-time basis for a three-year term and Grewal will be CEO on a full-time basis for a term of five years.
“Together, Barton and Grewal will lead Invest in Canada to catalyze billions of dollars of new investment in Canadian energy, critical minerals, artificial intelligence and infrastructure,” Carney’s office said. “In its new, more ambitious form, Invest in Canada will take on a more prominent role – working closely with the largest foreign investors to build a stronger, more independent, more resilient Canadian economy.”
Invest in Canada was established under the Invest in Canada Act in 2018 and is currently under the responsibility of trade minister Dominic LeBlanc.
• Email: dpaglinawan@postmedia.com