Prime Minister Mark Carney is making changes to the leadership at the federal agency responsible for attracting foreign investment just before a significant summit dedicated to this goal. Carney disclosed that Dominic Barton, a former Canadian ambassador to China and a prominent figure in corporate Canada, will now head the board of directors at Invest in Canada.
Barton’s professional background includes working at McKinsey and Co., a global consulting firm. He also serves as the chair of mining company Rio Tinto and LeapFrog Investments. Notably, Barton chaired the Liberal government’s economic advisory council under Justin Trudeau, which proposed the establishment of Invest in Canada to attract foreign direct investments.
During the period of strained diplomatic relations with China from 2019 to 2021, Barton played a key role. Trudeau acknowledged Barton’s efforts in securing the release of Canadians Michael Kovrig and Michael Spavor, who were detained in China during that time.
Barton will take on the role of chair for a three-year term on a part-time basis, while outgoing chair Karl Tabbakh will continue to support the transition on the Invest in Canada board. Gurinder Grewal, founder and managing partner of MEM Growth Partners, will assume the position of chief executive at Invest in Canada. Carney highlighted Grewal’s experience in deploying capital across energy, industrial, infrastructure, and technology sectors.
The leadership changes at Invest in Canada come shortly before Carney’s upcoming investment summit in Toronto, where he plans to bring together foreign investors and domestic fund leaders to promote Canadian projects. Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths to attract new investors and catalyze substantial investments in the country’s economy.
Laurel Broten, the outgoing CEO, will be succeeded by Grewal. Dominic LeBlanc, the minister overseeing 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 explained on Monday.
Carney commended Tabbakh for his service but did not mention Broten in his statement. The Prime Minister’s Office spokesperson declined to comment on Broten’s resignation, referring to LeBlanc’s statement, which expressed gratitude for her service. Additionally, a source familiar with the investment summit planning mentioned that Invest in Canada’s involvement has been mainly limited to a few staff members handling logistics, with the Prime Minister’s Office and other government departments taking the lead, supported by pension investment boards.
