John A. MacNaughton Reappointed Chair of the Board of Directors of the Business Development Bank of Canada

Ottawa, March 7, 2011 — The Honourable Tony Clement, Minister of Industry and Minister responsible for the Business Development Bank of Canada (BDC), today announced the reappointment of John A. MacNaughton as Chair of the Board of Directors of the BDC.

"Mr. MacNaughton's leadership has helped the BDC—and entrepreneurs alike—meet new and greater demands, particularly throughout the global economic recession," said Minister Clement. "I look forward to his continuing support, counsel and commitment to the BDC as Chair of its Board of Directors."

From 1999 to 2005, Mr. MacNaughton served as President and Chief Executive Officer of the Canada Pension Plan Investment Board, a Crown corporation created by an Act of Parliament to manage the assets of the Canada Pension Plan. Before joining the Investment Board, Mr. MacNaughton worked as an investment banker with Nesbitt Burns Inc., the investment arm of the Bank of Montreal, and served as its President from 1994 to 1999.

Most recently, Mr. MacNaughton received the 2011 Institute of Corporate Directors (ICD) Fellowship Award. A member of the Order of Canada, Mr. MacNaughton was recognized for the leadership he has shown in the financial, voluntary and public sectors. He has served as Chairman of the Princess Margaret Hospital Foundation and Chairman of the Canadian Institute of International Affairs.

The BDC, Canada's business development bank, puts entrepreneurs first. With almost 1,900 employees and more than 100 business centres across the country, the BDC offers financing, venture capital and consulting services to 29,000 small and medium-sized companies. Their success is vital to Canada's economic prosperity. For more information, visit the BDC website.

For further information (media only), please contact:

Heather Hume
Press Secretary
Office of the Honourable Tony Clement
Minister of Industry
613-995-9001

Geoffrey King
Director, Public Relations
Business Development Bank of Canada
514-496-4351

Media Relations
Industry Canada
613-943-2502