Government of Canada confirms appointment of new Chief Executive Officer for the Canada Infrastructure Bank

OTTAWA, ON, Oct. 29, 2020 /CNW/ - The Government of Canada is investing in modern, efficient and sustainable public infrastructure that is vital to ensuring the health and safety of our communities, growing our economy, and creating good jobs. Through the Canada Infrastructure Bank (CIB), we are ensuring that provincial, territorial, municipal, Indigenous and private partners have access to innovative financing to get more projects built and bolster Canada's economic recovery from the impact of the COVID-19 pandemic.

Today, the Honourable Catherine McKenna, Minister of Infrastructure and Communities, confirmed the government's acceptance of the CIB Board of Director's recommendation to appoint Ehren Cory as the Chief Executive Officer (CEO). Mr. Cory will provide pivotal leadership and direction to the CIB as it implements its three-year $10-billion Growth Plan, which was announced by Prime Minister Justin Trudeau, Minister McKenna, and Board Chair Michael Sabia on October 1.

Mr. Cory was selected by the Board of Directors of the Canada Infrastructure Bank following a recruitment process undertaken by the CIB that attracted diverse and highly qualified applicants. The Board of Directors subsequently recommended Mr. Cory for the Government's approval. 

As the former President and CEO of Infrastructure Ontario, Mr. Cory brings extensive experience in working with the public and private sector on the financing, building and management of innovative and large-scale infrastructure projects.

As CEO, Mr. Cory will lead the CIB as it delivers its $10-billion Growth Plan that will help Canadians get back to work. The three-year plan is expected to create approximately 60,000 jobs across the country, connect more households and small businesses to high-speed Internet, strengthen Canadian agriculture, encourage the transition to clean power and help build a low-carbon economy.

Quotes

"The Canada Infrastructure Bank has an important role to play in Canada's economic recovery and expanding Canada's ambition to build more sustainable infrastructure and clean energy. 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. Our government is looking to Mr. Cory to deliver on the Bank's $10 billion Growth Plan that will create 60,000 jobs across the country, connect more homes and businesses to high-speed internet, strengthen Canadian agriculture, and accelerate the transition to a low carbon economy."

The Honourable Catherine McKenna, Minister of Infrastructure and Communities

Quick facts

• Through the Canada Infrastructure Bank, the federal government has committed $35 billion to support infrastructure projects across the country. This includes the Bank's $10-billion Growth Plan to invest in five major initiatives: clean power, broadband, large-scale building retrofits, agriculture irrigation and zero-emission buses and associated charging infrastructure.
  
• The CIB was announced as part of the Government of Canada's historic, over $180 billion Investing in Canada plan. The CIB was created to work in partnership with provincial, territorial, municipal, and Indigenous partners, and leverage the private sector, to build infrastructure across Canada.
  
• The CIB attracts private sector and institutional investment to build revenue-generating infrastructure projects that are in the public interest. 

Associated links

Chief Executive Officer Biography

Prime Minister announces infrastructure plan to create jobs and grow the economy

Canada Infrastructure Bank

Government of Canada's $180-billion+ Investing in Canada infrastructure plan

Backgrounder: Government of Canada confirms appointment of new Chief Executive Officer for the Canada Infrastructure Bank  

Ehren Cory
Chief Executive Officer
Canada Infrastructure Bank

Mr. Cory joins the Canada Infrastructure Bank (CIB) bringing his strong leadership approach, infrastructure expertise and track-record of delivering results by partnering with the private and public sectors. As Chief Executive Officer, he is focused on the CIB's strategic direction including implementing the $10B Growth Plan to accelerate infrastructure investment in Canada and building the CIB as a results-oriented organization.

Prior to joining the CIB, Mr. Cory was the President & CEO of Infrastructure Ontario, a Provincial Crown Agency responsible for financing, building, and enhancing the value of the province's infrastructure and real estate assets.  In addition to his four years as CEO, he also spent four years with the Agency in executive roles responsible for the successful transaction structuring, tendering, and delivery of billions of dollars in infrastructure projects.

Prior to joining Infrastructure Ontario, Mr. Cory was a partner at McKinsey & Company in Toronto, where he served as a leader in the Public Sector and Capital Projects practices, advising clients in both the private and public sectors.

Mr. Cory is a graduate of the MBA program at the Institut Européen d'Administration des Affaires (INSEAD) in Fontainebleau France, where he graduated with distinction. He also received an Honours degree in Business Administration (HBA) from the University of Western Ontario.

Twitter: @INFC_eng 
Web: Infrastructure Canada

SOURCE Infrastructure Canada