Carney names Dominic Barton as chair of Invest in Canada, replaces CEO

Carney names Dominic Barton as chair of Invest in Canada, replaces CEO

Previous CEO resigning Sept. 1, didn't provide an explanation

Prime Minister Mark Carney is overhauling the leadership of the federal agency responsible for attracting foreign investment just weeks before a high-profile summit aimed at doing just that.

Carney announced Monday that Dominic Barton, the former Canadian ambassador to China and a well-known name in corporate Canada, will chair the board of directors for Invest in Canada.

Much of Barton's career was spent at McKinsey and Co., a global consultancy firm. Barton is also the chair of mining giant Rio Tinto and LeapFrog Investments.

In 2016, Barton was named chair of the Liberal government's economic advisory council under Justin Trudeau. Among the recommendations in the council's report was one calling for the creation of Invest in Canada, an agency tasked with attracting foreign direct investment.

Barton steered Canada through a turbulent diplomatic period with China between 2019 and 2021. Upon Barton's resignation in 2021, Trudeau credited him with helping to secure the release of Michael Kovrig and Michael Spavor, two Canadians detained in China during the deep diplomatic schism.

Barton will serve as chair for a three-year term on a part-time basis. Outgoing chair Karl Tabbakh will remain on the board of Invest in Canada to support the transition.

Shakeup ahead of Carney investment summit

Gurinder Grewal, founder and managing partner of MEM Growth Partners, becomes chief executive of Invest in Canada. In a release, Carney touted Grewal's experience with "putting capital to work" in the energy, industrial, infrastructure and technology sectors.

The shakeup at Invest in Canada comes two weeks before Carney's inaugural investment summit in Toronto, where he'll assemble foreign investors and the heads of major domestic funds to pitch them on Canadian projects.

Carney said in a statement that Barton and Grewal have the expertise to help Canada capitalize on its strengths "with new investors."

"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," he said.

Carney's pitch to unlock trillions in global investment

Grewal replaces outgoing CEO Laurel Broten, a former Ontario cabinet minister under former Liberal premier Dalton McGuinty.

Dominic LeBlanc, the minister responsible for the federal investment agency, announced on social media that he would accept Broten's resignation as of Sept. 1. She leaves the role almost four years into what's usually a five-year term.

No explanation was given Monday for Broten's early exit. Spokespeople for LeBlanc's office and the Privy Council Office did not answer questions about her departure.

Carney praised Tabbakh for his service as Invest in Canada's chair but did not mention Broten in his statement.

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A spokesperson for the Prime Minister's Office deferred comment on Broten's resignation, citing LeBlanc's statement on Monday. In it, the minister thanked Broten for her for years of service and wished her well in her future endeavours.

A source familiar with planning September's investment summit who was not authorized to speak publicly said that Invest in Canada's contributions have been largely limited to a few staff members pulled into logistics for the event.

The source said staff within the Prime Minister's Office and other government departments have largely been spearheading the summit, alongside the Canada Pension Plan Investment Board and Public Sector Pension Investment Board.