Carney Starts New Defense Agency, Names RBC’s Guzman as CEO

Prime Minister Mark Carney created a new defense investment agency to build domestic manufacturing and accelerate the rearming of the Canadian military, aiming to boost sectors such as steel that have been damaged by US tariffs.

Carney announced the new body on Thursday, a step toward fulfilling an election campaign promise to shake up Canada’s military procurement process. Doug Guzman, a longtime executive at Royal Bank of Canada, will be its chief executive officer.