Isabelle Hudon will remain CEO of the Business Development Bank of Canada (BDC) until at least 2030.
“[Isabelle] will stay with us until 2030 to provide a steady hand at a pivotal time for Canada and its entrepreneurs.”
The Crown corporation announced on Friday that it was extending Hudon’s mandate to ensure continuity as “entrepreneurs face continued uncertainty amid geopolitical turbulence.” Board chair Brian O’Neil said in a statement that BDC is in the midst of shaping its next five-year corporate strategy and that Hudon is “uniquely positioned to lead this effort.”
“Her remarkable track record over the past five years is one any CEO would be proud of,’ O’Neil said. “She will stay with us until 2030 to provide a steady hand at a pivotal time for Canada and its entrepreneurs.”
BDC said that it has grown its client count by nearly 50 percent, “remained consistently profitable,” and delivered $1.4 billion in dividends to the Government of Canada since Hudon was appointed CEO in August 2021. BDC also credits Hudom with landing the forthcoming Defence Security and Resilience Bank in Canada.
Solely owned by the federal government, BDC administers banking and loan programs to Canadian businesses and operates Canada’s most prolific investor through its venture capital (VC) arm, BDC Capital.
Hudon has led the launch of flagship BDC programs like its $6 billion Defence Sector Platform to support Canada’s increased defence spending, and a Community Banking initiative to help grow the number of small business owners that can access financing. BDC Capital has also launched more than $1.5 billion in venture funds and programs under her watch, including the Thrive Venture Fund, the Indigenous Entrepreneur Fund, the Black Entrepreneurs Fund, and the Life Sciences Fund.
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BDC has also seen its fair share of criticism under Hudon’s leadership. BetaKit reported earlier this year that some private sector players shared grievances about BDC ahead of a 2023 legislative review—but most of the notes never made it into the government’s plan for the bank. Chief concerns centred around BDC’s outsized role in direct investment, crowding out private capital, a problem that investors said persists today.
BDC has also significantly turned over its leadership since 2024. This includes BDC Capital Industrial Innovation Fund partner Guillaume Mercier and Growth Venture Fund managing partner Dominique Bélanger, both of whom left this past November; Climate Tech Fund partners Cheri Corbett and Vivian Kan left in October; Michelle Scarborough, who led BDC’s women-oriented funds for eight years, left last June; and BDC Capital head Jérôme Nycz suddenly retired in July 2024, replaced by Geneviève Bouthillier.
As BDC gears up for a second term under Hudon, the bank raised alarm with a new report last week, which argued that Canada needs more venture capital investment if it wants to be both competitive and sovereign.
Feature image courtesy BDC.