OTTAWA – Prime Minister Mark Carney has announced a significant restructuring of the leadership at Invest in Canada, the federal agency dedicated to attracting foreign investment. This reorganization comes just weeks ahead of a high-profile investment summit in Toronto aimed at boosting foreign investment in Canada.

In a pivotal move, Carney has appointed Dominic Barton, the former Canadian ambassador to China and a prominent figure in corporate Canada, as the chair of the board for Invest in Canada. Barton brings a wealth of experience, having spent much of his career at McKinsey & Co., a global consultancy firm. Additionally, he serves as the chair of mining giant Rio Tinto and LeapFrog Investments.

Barton previously played a critical role during a challenging diplomatic period between Canada and China from 2019 to 2021. His resignation as ambassador in 2021 was marked by Prime Minister Justin Trudeau's recognition of Barton's efforts in facilitating the release of two Canadians, Michael Kovrig and Michael Spavor, who were detained in China amid a profound diplomatic rift.

As chair of Invest in Canada, Barton will undertake a part-time role for a three-year term. Karl Tabbakh, the outgoing chair, will stay on the board to assist with the transition. Gurinder Grewal, the founder and managing partner of MEM Growth Partners, has been appointed as the new chief executive officer of Invest in Canada. In announcing this decision, Carney highlighted Grewal's extensive experience in “putting capital to work” across various sectors, including energy, industrial, infrastructure, and technology.

This overhaul comes at a critical juncture, with the inaugural investment summit approaching in Toronto, where Carney plans to gather foreign investors and leaders of major domestic funds to promote Canadian projects. Carney expressed confidence that under Barton and Grewal's leadership, Invest in Canada will attract billions in new investments, aiming to strengthen and enhance the resilience of the Canadian economy.

Grewal's appointment marks a transition from Laurel Broten, the outgoing CEO and a former Ontario cabinet minister under former Liberal Premier Dalton McGuinty. Minister Dominic LeBlanc confirmed the acceptance of Broten's resignation effective September 1. Her departure comes nearly four years into a typical five-year term, but no specific reasons for her early exit were disclosed. Both LeBlanc's office and the Privy Council Office did not provide further comments about Broten's resignation.

While Carney commended Tabbakh for his contributions to Invest in Canada, Broten was not mentioned in his statement. A spokesperson from the Prime Minister’s Office declined to comment on Broten's departure, referring to LeBlanc's statement that thanked her for her service.

A source familiar with the preparations for the upcoming investment summit indicated that Invest in Canada’s involvement has been limited, with only a few staff members engaged in logistical support for the event. The planning is reportedly being spearheaded primarily by the Prime Minister’s Office, along with other government departments and organizations like the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board.

In response to these developments, Conservative Leader Pierre Poilievre took to social media to criticize Carney’s appointment of Barton, labeling him as the "ultimate Liberal powerbroker" heading the government's investment efforts. Poilievre questioned Barton’s history at McKinsey, which he argued contributed to significant ethical issues and highlighted allegations regarding the firm's involvement in the opioid crisis. He further criticized Barton’s connections with China and suggested that the Liberal government benefits disproportionately from decisions that impact the broader Canadian populace, asserting that “the Liberal Club gets rich making everyone else poor.”