Thu. Feb 29th, 2024

Bicha Ngo takes the helm of Investissement Québec

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Investissement Québec, whose Montreal building we see here, is the financial arm of the government.

The Canadian Press

Investissement Québec (IQ) has a new boss. The head of private placements, Bicha Ngo, will take the reins of the financial arm of the Quebec government.

There was no doubt: in my head, Bicha is the qualified person we needed […] to follow the spirit of the Investissement Québec reform, announced the Minister of #x27;Economy, Pierre Fitzgibbon, during a virtual conference, late Wednesday afternoon.

It will replace the President and CEO of Investissement Québec, Guy LeBlanc, whose term expired in April.

Coming out of retirement in 2019 to lead Investissement Québec, Mr. LeBlanc had expressed his intention to serve only a four-year term. He will remain in position over the coming weeks to ensure the transition.

Ms. Ngo has been responsible for private placements at Investissement Québec since October 2019 She also led the natural resources and energy sector within the state corporation.

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During her career, she also worked for Domtar, HSBC and CIBC World Markets.

The changing of the guard comes at a critical time for Investissement Québec, which will still have to invest billions of dollars in the battery sector. In an interview last November, Mr. LeBlanc indicated that the size of the investments promised in the sector could double within a few years to reach $30 billion.

Ms. Ngo said she would continue her mandate as a continuation of her predecessor. It will pay particular attention to workforce productivity, the supply chain, the battery sector and strategic sectors.

She underlined that she participated in the development of the 2023-2027 strategic plan as a member of the management committee: We are a continuation of the plan that we developed together a year ago. an.

As number two at Investissement Québec, Ms. Ngo was already the highest paid within the organization, she who received compensation of $1.15 million during the fiscal year which ended March 31. Mr. LeBlanc, for his part, had received 1.06 million, an amount which had been the subject of criticism from the opposition parties.

The president of the board of Investissement Québec, Geneviève Fortier, stressed that the conditions of Ms. Ngo's compensation would be similar to that received by Mr. LeBlanc: The conditions are provided for to the decree and they are the same as Mr. LeBlanc.

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