OTTAWA, August 7, 2007 -- The Honourable Maxime Bernier, Minister of Industry and Minister responsible for the Business Development Bank of Canada (BDC), today announced the appointment of Mr. John MacNaughton as Chair of the Board of Directors of BDC.

"Mr. MacNaughton's demonstrated leadership abilities and experience in the financial sector will help guide the BDC as it supports, through consultations and financing, the development and growth of Canada's entrepreneurs. I am pleased to welcome him as Chair of the BDC," said Minister Bernier.

From 1999 to 2005, Mr. MacNaughton served as President and CEO of the Canada Pension Plan Investment Board, a Crown Corporation created by an Act of Parliament to manage the assets of the Canada Pension Plan. Prior to joining the Investment Board, Mr. MacNaughton worked for numerous years as an investment banker with Nesbitt Burns Inc., the investment banking arm of the Bank of Montreal, before serving as President from 1994 to 1999.

A member of the Order of Canada, Mr. MacNaughton was recognized for the leadership he has shown in the financial, voluntary and public sectors. He has served as President of the Empire Club of Canada and as Chairman of the Canadian Institute of International Affairs.

BDC is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financial, investment and consulting solutions.