The Canada Infrastructure Bank Moves Forward With Ehren Cory As Chief Executive Officer
TORONTO – The Canada Infrastructure Bank (CIB) Board of Directors is pleased to announce the appointment of Mr. Ehren Cory as Chief Executive Officer. This appointment is yet another step forward for the CIB towards ensuring Canada has modern infrastructure that contributes to long-term prosperity and sustainability.
The appointment of Mr. Cory is the latest in a sequence of steps to move the CIB forward with a strong foundation to take action and deliver results. The CIB has the leadership, investment plan and expertise to advance projects that help to grow Canada’s economy.
Mr. Cory will get down to work on three main priorities:
- implementing the $10B Growth Plan to deliver new projects;
- accelerating investment in the Canadian infrastructure market by attracting more private capital;
- building a results-focused organization that further positions Canada as a global infrastructure leader.
Mr. Cory has a strong track record and joins the CIB after leading a successful public sector institution and executing large-scale infrastructure transactions as Chief Executive Officer of Infrastructure Ontario.
Mr. Cory’s appointment is effective November 9, 2020.
The CIB’s $10B Growth Plan prioritizes opportunities to invest in clean power such as electricity transmission, broadband in underserved communities, green infrastructure with focus on building energy retrofits, agricultural infrastructure including irrigation, and transit with a focus on zero-emission buses. The Growth Plan is expected to create approximately 60,000 jobs.
Over the last six months, the CIB has made significant progress. We launched the $10 billion Growth Plan and began its execution with a $400 million investment to expand agricultural irrigation in Alberta. Our Board can now act with greater agility in assessing and deciding on investment opportunities going forward. And today, we are announcing the appointment of a new Chief Executive Officer, Ehren Cory, to take the CIB forward. We have every confidence that he has the leadership skills and the infrastructure expertise needed to build the CIB and to deliver new investments.
I am honoured to be the Chief Executive Officer of the Canada Infrastructure Bank. I am convinced the CIB can be a vital catalyst for innovative investment in Canada. I look forward to working with the talented CIB team and our partners to accelerate projects that create economic and environmental benefits for Canada.
The CIB’s Board of Directors conducted an extensive CEO search. As a result of the process, the Board selected Ehren Cory because he is an experienced leader, knows how to get things done by working with public and private sector partners, and has a deep understanding of structuring and delivering infrastructure projects. Ehren Cory has the leadership vision and infrastructure background to drive the CIB’s next phase.
About Canada Infrastructure Bank
Canada Infrastructure Bank is a crown corporation focused on financing and supporting the development of revenue-generating infrastructure projects that serve the public interest. Formed in 2017, the Bank has a mandate to attract and co-invest with private sector and institutional investors, with particular focus on areas such as public transit, trade and transportation, green infrastructure and broadband.
