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Government of Canada announces the appointment of a new Chair of the Board of Directors of the Business Development Bank of Canada

Financial industry expert brings his experience to Canada’s only bank for entrepreneurs

January 16, 2018, Ottawa ON—The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and the Honourable Bardish Chagger, Leader of the Government in the House of Commons and Minister of Small Business and Tourism, are pleased to announce the appointment of Mike Pedersen as Chair of the Board of Directors of the Business Development Bank of Canada (BDC).

Previous to this appointment, Mr. Pedersen served as President and CEO of TD Bank in the U.S. and occupied many senior leadership roles, including Group Head for TD Bank Group’s wealth and insurance businesses. He was also Managing Director at Barclays Bank (London, U.K.) and Senior Executive Vice President of Retail and Small Business Banking at CIBC. He was formerly Chair of the Canadian Bankers Association and has served on many boards in the private and not-for-profit sectors.

The Government of Canada would also like to thank former chair Samuel Duboc for his service to the Board of Directors of the Business Development Bank and for the important work he performed in creating favourable conditions to grow small businesses in Canada. We wish Mr. Duboc all the best in his future endeavours.

Mr. Pedersen assumes the position of Chair of the Business Development Bank of Canada’s Board of Directors effective March 5, 2018, and will serve for a term of four years. Robert Pitfield, a member of the Board of Directors since May 2014, will act as interim chair until March.

Mr. Pedersen’s appointment was made under the Government of Canada’s open, transparent and merit-based selection process.

Quotes

"The Business Development Bank of Canada services the hard-working entrepreneurs and small business owners who are driving Canada’s economy. I’d like to thank Samuel Duboc for his great work as well as Robert Pitfield for coming on as interim chair. I’d also like to extend a warm welcome to incoming chair Mike Pedersen; I have no doubt that his experience as a financial industry leader will be invaluable to the Board of Directors, the Business Development Bank of Canada and Canadian industry overall."

The Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development

"As a proven leader in the financial services sector, Mike Pedersen will bring his invaluable experience to the important work of BDC. BDC is Canada’s only bank dedicated to small businesses, helping them create good middle-class jobs from coast to coast to coast. BDC is working to further modernize its services for women entrepreneurs, and I look forward to working with Mr. Pedersen to achieve our government’s goal of increasing the number of women-owned businesses in Canada."

The Honourable Bardish Chagger
Leader of the Government in the House of Commons and Minister of Small Business and Tourism

Quick Facts

  • BDC is a Crown corporation that reports to Parliament through Innovation, Science and Economic Development Canada.
  • With its 118 business centres across the country, BDC provides businesses in all industries with financing and advisory services.
  • BDC is governed by an independent board of directors, which ensures the highest standard of corporate governance practices.

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