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. 
Learn More

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

Russ Wenman

Executive Vice President and Group Head, Execution and Advisory

Louise Youdale

Vice President, People and Culture

Sébastien Labelle

Vice President

Tess Lofsky

Executive Vice President, General Counsel and Corporate Secretary

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

Ms. Wademan is the CEO of Canada Development Investment Corporation (CDEV) and is recognized as a mobilizing leader with a strong strategic focus and action-oriented, ambitious vision. Appointed in February 2022 as President and CEO, Ms. Wademan brings deep private sector expertise from an established career in financial services and natural resources. Ms. Wademan is driven to continue to position CDEV as a results-oriented organization that is a key resource supporting Canada’s Department of Finance. She is focused on multiple initiatives across CDEV that will enable the organization to increase its impact and contribute to creating value for Canadians from the Government’s most complex commercial interests.

Prior to joining CDEV, Ms. Wademan was a senior investment banker and capital markets executive, including a long career in investment banking, as Managing Director for BMO Capital Markets, one of Canada’s largest investment banks. She was one of the firm’s most senior professionals and was Head, Global Metals & Mining Equity Capital Markets, where she advised on many of the most formative and transformational transactions in the resource sector on the continent.

Ms. Wademan is also an experienced corporate director with extensive public company board experience. She has also been deeply involved in her community and with various not-for-profit organizations.

She holds a Bachelor of Commerce (Finance & International Business) from McGill University and CFA & ICD.D designations.

Carlos Gallardo

Chief Financial Officer

Mr. Gallardo is a finance executive with a 25-year career in mature financial institutions. His experience encompasses pivotal roles in Finance, Operations, IT, and Risk Management. In his prior position as CFO of AIG Canada, part of a large global insurer operating in 80 countries, he led several transformative initiatives including the implementation of complex regulatory guidelines, data standards, and climate reporting requirements. His role scope included planning, regulatory reporting, capital management, reinsurance accounting and collateral management, and chairing of the Investment Committee, where he oversaw the performance and compliance of a $2-billion securities portfolio.

Throughout his tenure in commercial insurance, Mr. Gallardo has built solid experience in leading large scale operational and change management initiatives.

Mr. Gallardo is a Chartered Professional Accountant and Chartered Accountant, and a member of the CPA Institute of Ontario and Canada. In addition, he is also a charter holder of the Chartered Insurance Professional (CIP), and the Canadian Risk Manager (CRM) designations.

Andrew Akers

Chief Administrative Officer

Mr. Akers is a senior executive with extensive experience in strategy, transformation, and value creation across investment management, banking, and insurance. Over the course of his career, he has held senior leadership roles at leading organizations including CPP Investments, Manulife, Scotiabank, and McKinsey & Company, where he spearheaded initiatives that advanced enterprise-wide performance, growth, and alignment.

In his current role as Chief Administrative Officer (CAO) at the Canada Development Investment Corporation (CDEV), Mr. Akers plays a pivotal role in shaping and executing enterprise-wide strategy, corporate planning, stakeholder engagement, and special strategic projects. His mandate includes strengthening organizational agility, alignment, and positioning to ensure CDEV continues to deliver as a high-performing Crown corporation.

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. His combination of technical expertise, strategic insight, and leadership experience enables him to guide complex organizations through transformation while maintaining a focus on mission, values, and long-term impact.

Russ Wenman

Executive Vice President and Group Head, Execution and Advisory

Mr. Wenman is a Chartered Accountant and former PwC Deals Partner, with over 20 years of experience supporting and advising corporate and institutional investors on acquisitions, divestitures and financing activities, specializing in leading multi-functional teams on large and complex transactions. Mr. Wenman spent 14 years with PwC’s market leading Deals practice in London, UK, advising a global portfolio of clients across numerous sectors, before transferring to Canada, joining PwC’s Toronto office in 2016.

Mr. Wenman joined CDEV in 2023 as Vice President & Head of Execution and Advisory and leads commercially critical projects, including acquisitions, disposals, strategic alliances, financing, asset reviews, and new program launches, on behalf of CDEV, its subsidiaries, and the Government of Canada.

Mr. Wenman holds a BSc (Hons.) in Biological Sciences (Cell Biology) from the University of Leicester, an LL. Dip. Postgraduate Diploma in Law from Nottingham Law School and is a Fellow of the Institute of Chartered Accountants in England and Wales.

Louise Youdale

Vice President, People and Culture

Ms. Youdale is an accomplished and results-driven human resources executive with over twenty years of leadership experience guiding organizational transformation and building high-performing, engaged workforces. As the Vice President and Head of Human Resources, Louise is responsible for driving CDEV’s people strategy, fostering a culture of inclusivity, and overseeing all aspects of talent management, organizational development and HR operations.

Prior to joining CDEV, Louise served in senior roles at the Canada Border Services Agency, the Canadian Nuclear Safety Commission, the National Research Council of Canada and Alterna Savings and Bank. In each of these roles, Louise elevated the strategic focus of HR, designing impactful initiatives in support of business performance. She has extensive experience in data-driven workforce planning, leadership development and talent management as well as managing change in fast-paced, complex environments. Louise is deeply committed to empowering individuals at all levels of an organization and creating a workplace where innovation and collaboration thrive.

Louise holds a Bachelor of Business Administration degree with a concentration in Human Resource Management from Bishop’s University and obtained her Certified Human Resources Professional designation.

Sébastien Labelle

Vice President

Mr. Labelle has over twenty years of experience in the federal public service and federal Crown corporations in a range of economic policy and program functions, including 17 years as an executive.

Prior to joining CDEV in April 2024, Mr. Labelle spent five years as a Director General at Natural Resources Canada working to advance major resource projects, leading Indigenous consultations, and programs and policies to advance the development of Canada’s clean energy potential.

Prior to that, 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 the way in which government works. Sébastien has also worked on major infrastructure programs and projects at the Department of National Defence, Public-Private Partnerships Canada, and at the Department of Indigenous Services where he focused on public infrastructure such as drinking water, schools, and housing.

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

Mr. Labelle has a Master’s Degree in Public Administration, a BA in History and Political Science, and a certificate in Public Sector Leadership and Governance from the University of Ottawa.

Tess Lofsky

Executive Vice President, General Counsel and Corporate Secretary

Ms. Lofsky is the General Counsel & Corporate Secretary of Canada Development Investment Corporation (CDEV). She 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 in-house leadership roles with companies in the natural resources and infrastructure sectors including Senior Legal Counsel and Corporate Secretary for Bird Construction Inc. (TSX: BDT), Legal Counsel and Corporate Secretary for the Greater Toronto Airports Authority, and Vice President, General Counsel & Corporate Secretary at North American Palladium Ltd. (TSX: PDL). Prior to this she practiced at leading law firm Stikeman Elliott LLP. In addition, Ms. Lofsky currently serves on the board of directors of Frontier Lithium (TSXV: FL).

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.

Dwight Ball

Board Chair

Dwight Ball was appointed to the Board of CDEV in February 2023 and was appointed Chair of the Board on November 12, 2025. From 2015 to 2020, Dwight Ball was Premier of Newfoundland and Labrador, where he successfully led the provincial government through a major reshaping of its economic and fiscal outlook. Prior to becoming Premier he was the leader of the Official Opposition from 2011 until 2015.

With his extensive experience advocating for the people of Newfoundland and Labrador, Mr. Ball has vast expertise in team building, conflict mediation, budget preparation and management, media relations, and conflict resolution. He has successfully negotiated numerous business, trade, and union agreements.

Mr. Ball is a graduate of Memorial University’s School of Pharmacy and was the President of the Canadian Pharmacists Association from 2009 to 2010. He has more than 30 years of business ownership experience in healthcare, real estate development, venture capital, and seniors’ housing developments.

Jennifer Reynolds

Chair of the Human Resources and Compensation Committee

Ms. Reynolds was most recently the CEO of Women Corporate Directors Foundation – the world’s largest network of women corporate board directors, with more than 2500 members serving on more than 8,500 public and private boards around the globe.

Ms. Reynolds’ 25-year career in the financial services industry has included senior roles in investment banking, venture capital, and global risk management. Prior to joining WCD, she served as the President & CEO of Toronto Finance International (TFI), a public-private partnership which promotes and develops Canada’s financial services sector and serves as the international representative for the Toronto financial centre. Prior to joining TFI, she was the President & CEO of Women in Capital Markets (WCM), Canada’s largest industry association and advocacy group for women in the financial sector.

Ms. Reynolds is a Director on the Board of BF&M Insurance Group Ltd, the Board of Agrinam Acquisition Corporation, and the Board of Women’s College Hospital Foundation. She is the Co-Chair of the UN convened Financial Centres for Sustainability (FC4S) network and also serves on the Advisory Council for the Institute of Sustainable Finance. In 2015 and 2017, she was named a Women’s Executive Network (WXN) Canada’s Most Powerful Women: Top 100 Award Winner.

Ms. Reynolds is a graduate of the Harvard Business School Women’s Leadership program, and she received her MBA from McGill University, as well as a Bachelor of Arts with a double major in Economics and Political Science from McGill University. She also holds the Institute of Corporate Directors Designation, ICD.D.

Alicia Damley 

Chair of the Audit Committee

Ms. Alicia Damley has over 25 years of professional experience which includes defining board governance, corporate oversight and renewal, leading and implementing risk and assurance best practices, and generating investment returns.

Ms. Damley began her career as a public accountant at Deloitte, with responsibility for audit and risk assurance services. Over this tenure, she provided a broad range of advisory and forensic services, functional risk assessments, financial reporting and accounting standards reviews, and fraud investigations and resolution.

Ms. Damley’s subsequent investment career in global markets has focused on generating investment outperformance aligned with client risk and returns. To date, this time has been punctuated with successfully navigating numerous global market crises and required blending unrelated areas of competence.

Ms. Damley’s board experience includes civil society, non-governmental and arts organizations, and executive and committee chair leadership. She has combined her areas of expertise to advise on investment, strategy, and organizational architecture for fintech and mobile technology startups. She is also an active volunteer with a focus on women, financial literacy, and education.

Ms. Damley is a Chartered Financial Analyst Charterholder, as well as Chartered Professional Accountant (Canada) and Chartered Accountant. She holds an Honours Bachelor of Science and a Master of Business Administration from the Rotman School, both from the University of Toronto.

Sandra Rosch

Chair of the Nominating and Governance Committee

Ms. Rosch is an experienced restructuring and financial advisor who has played a leadership role in complex assignments in diverse industries. She is currently Executive Vice President and a Director of Labrador Iron Ore Royalty Corporation. Ms. Rosch served as President of Stonecrest Capital Inc., an independent Canadian restructuring firm, until December 2018. Previously, Sandra worked for 17 years as an investment banker with two of Canada’s largest investment banks.

Ms. Rosch has been a director of Canada Development Investment Corporation since 2015 serving on the boards and various committees of several of its subsidiaries. She is currently Chair of Canada Enterprise Emergency Funding Corporation.

Ms. Rosch is a member and past director of the Turnaround Management Association, Toronto Chapter. She holds the ICD.D designation and earned a Bachelor of Commerce from McMaster University and an MBA from Ivey Business School at Western University.

Sean W. Strickland

Director

As Executive Director of Canada’s Building Trades Unions, an association of 14 international unions representing over 600,000 members, Mr. Strickland is responsible for overseeing the operations of the CBTU office, programs and identifying and coordinating opportunities for affiliates and local and provincial councils across Canada; including working with owner clients and employers.

Sean currently represents the CBTU in a number of capacities including sitting on the board for BuildForce, SkillPlan, Multi-Employer Benefit Council of Canada, and Helmets to Hardhats. Additionally, Mr. Strickland participates in several advisory activities including NRCan’s Small Modular Reactor Action Plan and the Federal Government’s Construction Industry Roundtable.

Sean has a Bachelor of Arts in Political Science from the University of Waterloo, is a graduate of the Executive Management Program at Wilfrid Laurier University, and the Leadership Development program from Harvard University. He is the proud recipient of the Canada 125 Medal for Community Service and has served on numerous community boards and committees.

Elizabeth Wademan 

President and Chief Executive Officer

Ms. Wademan is the CEO of Canada Development Investment Corporation (CDEV) and is recognized as a mobilizing leader with a strong strategic focus and action-oriented, ambitious vision. Appointed in February 2022 as President and CEO, Ms. Wademan brings deep private sector expertise from an established career in financial services and natural resources. Ms. Wademan is driven to continue to position CDEV as a results-oriented organization that is a key resource supporting Canada’s Department of Finance. She is focused on multiple initiatives across CDEV that will enable the organization to increase its impact and contribute to creating value for Canadians from the Government’s most complex commercial interests.

Prior to joining CDEV, Ms. Wademan was a senior investment banker and capital markets executive, including a long career in investment banking, as Managing Director for BMO Capital Markets, one of Canada’s largest investment banks. She was one of the firm’s most senior professionals and was Head, Global Metals & Mining Equity Capital Markets, where she advised on many of the most formative and transformational transactions in the resource sector on the continent.

Ms. Wademan is also an experienced corporate director with extensive public company board experience. She has also been deeply involved in her community and with various not-for-profit organizations.

She holds a Bachelor of Commerce (Finance & International Business) from McGill University and CFA & ICD.D designations.