The Canada Infrastructure Bank has appointed Ehren Cory as its new chief executive officer.
Cory previously served as Infrastructure Ontario's president and chief executive and prior to that, was a partner at McKinsey and Company.
The ministry of infrastructure and communities says Cory was selected because of his experience and background in dealing with financing, building and managing significant projects.
Cory will be tasked with implementing the three-year, $10-billion growth plan the federal government announced in October as a way to help Canadians get back to work by creating about 60,000 jobs.
The government hopes the plan will also connect more households and small businesses to high-speed internet, strengthen the agriculture sector, encourage the transition to clean power and help build a low-carbon economy.
Cory says he is convinced that the CIB can be a vital catalyst for innovative investment.
"I look forward to working with the talented CIB team and our partners to accelerate projects that create economic and environmental benefits for Canada," he said in a statement Thursday.
Minister of Infrastructure and Communities Catherine McKenna said she supports Cory's appointment.
"I am pleased with the bank’s announcement of Ehren Cory as its new CEO, as he has extensive experience in getting innovative and large-scale infrastructure projects built," she said in a release.
The government created the Canada Infrastructure Bank in 2017 to create partnerships between provincial, territorial, municipal, and Indigenous entities and leverage the private sector to build infrastructure.
Infrastructure Bank Chairman Michael Sabia said Cory's appointment will allow the board to proceed to assess new investment opportunities by attracting more private capital.
"We have every confidence that he has the leadership skills and the infrastructure expertise needed to build the CIB and to deliver new investments." he stated.
Infrastructure Ontario chairman Christopher Voutsinas said Ehren’s experience in the private and public sectors give him a deep understanding of how to realize the needs of industry, government and other stakeholders.
"Infrastructure Ontario has benefited greatly for having Ehren as its president and CEO the past four years. I have no doubt that he will be a value-add contributor as leader at the Canada Infrastructure Bank," he said in a release.
Cory is replacing Pierre Lavallée, who departed the organization in the spring.
He was selected after an extensive search, said Jim Cherry, chairman of the board's human resources committee. The appointment is effective Nov. 9.
Cory received his MBA in France and an honours degree in business administration from Western University in London, Ont.
This report by The Canadian Press was first published October 29, 2020.
Tara Deschamps, The Canadian Press
