Creating value for Canadians

CDEV advances economic prosperity for Canada by delivering financial and commercial expertise that government relies on.

About CDEV

A unique Crown corporation

Our commercial expertise and skill set is unique within the federal government. Our experts have extensive private and public sector backgrounds, including investment banking, asset management, financial services, consulting, legal and mergers and acquisitions, driven by our values and a shared purpose to help build a stronger, more prosperous Canada.


Headquartered in Toronto, with an office in Ottawa and teams in portfolio companies across the country, CDEV has a small, high-performing team, a highly efficient operating model, and an independent board of directors accountable to Parliament through the Minister of Finance. 

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Our Mission

Advance economic prosperity for Canada through delivering financial and commercial expertise as the trusted advisor and active asset manager to government.

Our Values

Integrity

We build trust by doing what is right, always. 

Excellence

We push for the highest standards to deliver outstanding outcomes. 

Accountability

We take ownership, hold each other to account, and are empowered to deliver on our commitments.  

Agility

We adapt quickly, leveraging our diverse skills and capabilities to execute at the speed of business.  

Collaboration

We work as one team, to achieve more together.  

Growth Mindset

We stay curious, creative, and committed to continuous improvement. 

Meet the Team

Executive Leadership Team

Meet the leaders who are helping to drive our business forward.

Elizabeth Wademan 

President and Chief Executive Officer

Carlos Gallardo

Chief Financial Officer

Andrew Akers

Chief Administrative Officer

Tess Lofsky

Executive Vice President, General Counsel and Corporate Secretary

Russ Wenman

Executive Vice President and Group Head, Execution and Advisory

Sébastien Labelle

Vice President

Louise Youdale

Vice President, People and Culture

Board of Directors

Our independent Board of Directors provides governance, strategic guidance and deep financial and business expertise.

Dwight Ball

Board Chair

Jennifer Reynolds

Chair of the Human Resources and Compensation Committee

Alicia Damley 

Chair of the Audit Committee

Sandra Rosch

Chair of the Nominating and Governance Committee

Sean W. Strickland 

Director

Elizabeth Wademan 

President and Chief Executive Officer

Our History

Impact over decades

1982

Began overseeing federal financial portfolios under the Minister of Finance.

1985-1995

Oversaw a multitude of assets to manage and prepare for divestments including Canadair, De Havilland Aircraft of Canada, Teleglobe Canada, and Massey Fergusson Ltd.

2007

Expanded our role to serve the Government of Canada’s commercial interests.

2011

Negotiated the sale of government shares in Chrysler to Fiat.

2015

Fully divested the federal government’s stake in General Motors.

2018

Added Trans Mountain Corporation, operator of the Trans Mountain Pipeline, to the CDEV portfolio.

2019

Arranged a first-of-its-kind 10% equity transfer to local First Nations during the Ridley Terminals sale.

2020

Designed the COVID-19 loan program for large businesses through the Canada Enterprise Emergency Funding Corporation.

2022

Created the $15-billion Canada Growth Fund to encourage private investment toward net zero.

2024

Structured and oversaw $2.14-billion loan with Telesat to support Canada’s largest space program.

2024

Exited the federal government’s Air Canada share position, realizing proceeds of $544 million.

2025

Increased Indigenous Loan Guarantee Program to $10 billion and opened to all sectors except gaming.

2025

Established the $10-billion Large Enterprise Tariff Loan (LETL) facility to support large businesses facing trade uncertainty.

2025

Issued the first Indigenous loan guarantee: $400 million to 38 First Nations for a 12.5% stake in Enbridge’s Westcoast natural gas pipeline system.

2025

Provided the first loan under LETL: $400 million to Algoma Steel Inc., to help stabilize a major Canadian player in the competitive global steel industry, amid tensions in the global steel trade.

Elizabeth Wademan 

President and Chief Executive Officer

Elizabeth Wademan, President and CEO of Canada Development Investment Corporation (CDEV), is recognized as a mobilizing leader known for her strategic clarity and action-oriented vision. She leads CDEV’s stewardship and advisory mandate, delivering financial and commercial expertise across the Government of Canada’s most complex assets.

Under her leadership, CDEV has undergone significant transformation, with substantial growth across its portfolio and capabilities. She has positioned the organization as a trusted advisor and high-impact, execution-focused partner to the federal government, delivering measurable economic value while advancing key national priorities.

Ms. Wademan brings deep private sector expertise from a distinguished career in investment banking and capital markets. Prior to joining CDEV, she was Managing Director at BMO Capital Markets, most recently serving as Head of Global Metals & Mining Equity Capital Markets, where she advised on many of the most significant and transformative transactions in the resource sector on the continent.

In addition to her executive leadership, Ms. Wademan is an experienced corporate director with extensive public company board experience. She remains actively engaged in her community and has contributed to a range of not-for-profit organizations.

Ms. Wademan holds a Bachelor of Commerce (Finance and International Business) from McGill University and is a CFA charterholder and ICD.D designee.

Carlos Gallardo

Chief Financial Officer

Carlos Gallardo, Chief Financial Officer of Canada Development Investment Corporation (CDEV), is responsible for the organization’s finance function, including financial strategy, planning and analysis, reporting, accounting, treasury and liquidity management, corporate investments, and enterprise risk management. In this role, he ensures disciplined capital allocation, strong governance, and financial systems that support CDEV’s mandate and portfolio.

Prior to joining CDEV, Mr. Gallardo served as Chief Financial Officer of AIG Canada, where he led major transformation initiatives, including regulatory modernization, implementation of IFRS 17 and IFRS 9, and enhancements to data governance and financial disclosure. Earlier in his career, he held senior executive roles across finance, operations, and risk, leading enterprise-wide transformation programs and managing capital planning, reinsurance strategies, and M&A transactions.

Mr. Gallardo is a Chartered Professional Accountant and Chartered Accountant (CPA, CA) and holds the Chartered Insurance Professional (CIP) and Canadian Risk Manager (CRM) designations. He holds an Honours B.A. from York University.

Andrew Akers

Chief Administrative Officer

Andrew Akers, Chief Administrative Officer of Canada Development Investment Corporation (CDEV), is responsible for leading enterprise strategy and corporate planning, corporate communications and public affairs, technology, data and cybersecurity, real estate and facilities, and special strategic projects. In this role, he plays a central part in aligning organizational priorities, supporting executive decision-making, and advancing CDEV’s mandate across its portfolio.

Prior to joining CDEV, Mr. Akers held senior leadership roles at CPP Investments, Manulife, Scotiabank, and McKinsey & Company, where he led large-scale transformation and strategy initiatives focused on enterprise performance, growth, and operational alignment across complex organizations.

Mr. Akers holds an MBA from the Tuck School of Business at Dartmouth and a Bachelor of Applied Science in Electrical Engineering from the University of Waterloo.

Tess Lofsky

Executive Vice President, General Counsel and Corporate Secretary

Tess Lofsky, Executive Vice President, General Counsel and Corporate Secretary of Canada Development Investment Corporation (CDEV), is responsible for leading the legal team and provides advice and counsel on a broad range of matters including corporate and securities law, corporate governance, and Indigenous law matters related to CDEV’s portfolio of assets and commercial interests.

Prior to joining CDEV, Ms. Lofsky held senior in-house leadership roles in the natural resources and infrastructure sectors, including Senior Legal Counsel and Corporate Secretary at Bird Construction Inc., Legal Counsel and Corporate Secretary at the Greater Toronto Airports Authority, and Vice President, General Counsel and Corporate Secretary at North American Palladium Ltd. Prior to this, she practiced at Stikeman Elliott LLP.

Ms. Lofsky is a member of the Law Society of Ontario and holds a Bachelor of Social Sciences degree from the University of Ottawa, as well as a law degree from Queens University.

Russ Wenman

Executive Vice President and Group Head, Execution and Advisory

Russ Wenman, Executive Vice President and Group Head, Execution and Advisory at Canada Development Investment Corporation (CDEV), leads the execution of complex, high-value transactions and strategic initiatives on behalf of CDEV, its subsidiaries, and the Government of Canada. His responsibilities include acquisitions, disposals, strategic alliances, financings, asset reviews, and new program launches, and he works closely with senior government stakeholders to support the delivery of key commercial priorities and investment decisions.

Prior to joining CDEV, Mr. Wenman was a Deals Partner at PwC, where he spent 14 years in the firm’s London practice before transferring to Toronto in 2016. He advised corporate and institutional investors on acquisitions, divestitures, financings, and complex cross-border transactions across sectors including natural resources, infrastructure, energy, and financial services, and played senior leadership roles on some of the firm’s most significant mandates.

Mr. Wenman holds a Bachelor of Science (Honours) in Biological Sciences (Cell Biology) from the University of Leicester, a Postgraduate Diploma in Law from Nottingham Law School, and is a Fellow of the Institute of Chartered Accountants in England and Wales.

Sébastien Labelle

Vice President

Sébastien Labelle, Vice President at Canada Development Investment Corporation (CDEV), has over 20 years of experience in the federal public service and federal Crown corporations, including 17 years as an executive.

Prior to joining CDEV, Mr. Labelle served as Director General at Natural Resources Canada, where he worked to advance major resource projects, led Indigenous consultations, and oversaw programs and policies supporting the development of Canada’s clean energy potential.

Earlier in his career, Mr. Labelle spent eight years at the Department of Finance and the Privy Council Office, where he contributed to several federal budgets, provided advice and direct support to the Prime Minister and Cabinet, and developed a deep understanding of federal decision-making processes. He has also worked on major infrastructure programs and projects at the Department of National Defence, Public-Private Partnerships Canada, and Indigenous Services Canada, with a focus on public infrastructure including drinking water, schools, and housing.

Most recently, Mr. Labelle served as the executive lead for the Canada Innovation Corporation.

Mr. Labelle holds a Master of Public Administration, a Bachelor of Arts in History and Political Science, and a certificate in Public Sector Leadership and Governance from the University of Ottawa.

Louise Youdale

Vice President, People and Culture

Louise Youdale, Vice President, People and Culture at Canada Development Investment Corporation (CDEV), is an accomplished, results-driven human resources executive with over 20 years of leadership experience guiding organizational transformation and building high-performing, engaged workforces.

Ms. Youdale is responsible for leading CDEV’s people and culture strategy, fostering an inclusive and values-based workplace, and overseeing all aspects of talent management, organizational development, and human resources operations.

Prior to joining CDEV, Ms. Youdale held senior human resources leadership roles at the Canada Border Services Agency, the Canadian Nuclear Safety Commission, the National Research Council of Canada, and Alterna Savings and Bank. Across these organizations, she elevated the strategic focus of human resources by designing and delivering initiatives that supported business performance in fast-paced, complex environments.

Ms. Youdale holds a Bachelor of Business Administration with a concentration in Human Resource Management from Bishop’s University.

Dwight Ball

Board Chair

Dwight Ball, Chair of the Board of Directors of Canada Development Investment Corporation, provides leadership to the Board and supports the organization’s governance and strategic oversight.

Prior to his appointment, Mr. Ball served as Premier of Newfoundland and Labrador from 2015 to 2020 and as Leader of the Official Opposition from 2011 to 2015. He brings extensive experience in public leadership, governance, and stakeholder engagement, as well as over 30 years of business ownership across healthcare, real estate development, venture capital, and seniors’ housing.

Mr. Ball is a graduate of Memorial University’s School of Pharmacy.

Jennifer Reynolds

Chair of the Human Resources and Compensation Committee

Jennifer Reynolds, Chair of the Human Resources and Compensation Committee of Canada Development Investment Corporation, provides oversight on human resources, compensation, and governance matters.

Ms. Reynolds is currently Chief Executive Officer of NEXT Canada and has held senior leadership roles including Chief Executive Officer of Women Corporate Directors Foundation, President and Chief Executive Officer of Toronto Finance International, and President and Chief Executive Officer of Women in Capital Markets. Her career also includes senior roles in investment banking, venture capital, and global risk management, as well as board experience across corporate and non-profit organizations.

Ms. Reynolds holds an MBA and a Bachelor of Arts in Economics and Political Science from McGill University and the ICD.D designation.

Alicia Damley 

Chair of the Audit Committee

Alicia Damley, Chair of the Audit Committee of Canada Development Investment Corporation, provides oversight of financial reporting, risk management, and audit functions.

Ms. Damley has over 25 years of experience in governance, assurance, and investment oversight. She began her career at Deloitte, providing audit and advisory services, and later transitioned to global markets investing, focusing on performance aligned with client risk and return objectives across multiple market cycles. She also brings extensive board and committee chair experience.

Ms. Damley is a Chartered Financial Analyst and a Chartered Professional Accountant. She holds an Honours Bachelor of Science and a Master of Business Administration from the University of Toronto.

Sandra Rosch

Chair of the Nominating and Governance Committee

Sandra Rosch, Chair of the Nominating and Governance Committee of Canada Development Investment Corporation, provides oversight of governance practices, board composition, and nomination processes.

Ms. Rosch is an experienced restructuring and financial advisor with a background in investment banking and corporate leadership. She is currently Executive Vice President and a Director of Labrador Iron Ore Royalty Corporation and previously served as President of Stonecrest Capital Inc. She spent 17 years as an investment banker with two of Canada’s largest investment banks and has extensive board experience across CDEV and its subsidiaries.

Ms. Rosch holds a Bachelor of Commerce from McMaster University, an MBA from Ivey Business School, and the ICD.D designation.

Sean W. Strickland 

Director

Sean W. Strickland, Director of Canada Development Investment Corporation, contributes to the Board’s oversight of strategy, governance, and stakeholder engagement.

Mr. Strickland is the Executive Director of Canada’s Building Trades Unions, representing more than 600,000 members across 14 international unions. He has extensive experience in organizational leadership, labour relations, and industry collaboration, and serves on multiple boards and advisory bodies related to the construction and energy sectors.

Mr. Strickland holds a Bachelor of Arts in Political Science from the University of Waterloo and has completed executive programs at Wilfrid Laurier University and Harvard University.

Elizabeth Wademan 

President and Chief Executive Officer

Elizabeth Wademan, President and CEO of Canada Development Investment Corporation (CDEV), is recognized as a mobilizing leader known for her strategic clarity and action-oriented vision. She leads CDEV’s stewardship and advisory mandate, delivering financial and commercial expertise across the Government of Canada’s most complex assets.

Under her leadership, CDEV has undergone significant transformation, with substantial growth across its portfolio and capabilities. She has positioned the organization as a trusted advisor and high-impact, execution-focused partner to the federal government, delivering measurable economic value while advancing key national priorities.

Ms. Wademan brings deep private sector expertise from a distinguished career in investment banking and capital markets. Prior to joining CDEV, she was Managing Director at BMO Capital Markets, most recently serving as Head of Global Metals & Mining Equity Capital Markets, where she advised on many of the most significant and transformative transactions in the resource sector on the continent.

In addition to her executive leadership, Ms. Wademan is an experienced corporate director with extensive public company board experience. She remains actively engaged in her community and has contributed to a range of not-for-profit organizations.

Ms. Wademan holds a Bachelor of Commerce (Finance and International Business) from McGill University and is a CFA charterholder and ICD.D designee.