CEO of Invest Ottawa to Step Down

OTTAWA, ON--(Marketwired - March 31, 2016) - After nearly five years of guiding the city's economic development strategy, Bruce Lazenby has decided not to renew his term as President and CEO of Invest Ottawa. Lazenby says the time has come to pass the torch, as Ottawa's knowledge-based companies flourish on the world stage.

In the last five years, Ottawa software companies have raised more money in the public markets than all other Canadian cities combined, and in the last four years, Ottawa tech companies have drawn more than $3 Billion of capital into the local economy. More recently, Ottawa was crowned the most "Business-Friendly," mid-sized city in the Western Hemisphere.

"With support from Council, I have made economic development and job growth a city priority," says Ottawa's Mayor Jim Watson and co-chair of Invest Ottawa's Board of Directors. "Thanks to Bruce and the Invest Ottawa team's hard work, the city is closer to achieving that goal."

Invest Ottawa has been a key part of this growth; attracting nearly $300 Million in foreign direct investment, helping nearly 500 local companies grow globally, helping to facilitate the creation of over 4400 jobs and coaching more than 20,000 individuals pursuing entrepreneurial passions.

"When I accepted the role in 2011 at then OCRI, our vision for Ottawa's technology sector was ambitious," says Lazenby. "I am pleased to say that we have surpassed our own growth expectations, thanks to the passion and collaboration of Ottawa's vigorous business ecosystem and the team at Invest Ottawa."

Invest Ottawa has an ambitious mandate to turn the city into Canada's innovation leader and actively support job creation over the next three years. Success will be achieved by engaging the ecosystem at large and promoting Ottawa's innovation brand across the world.

"I have the utmost appreciation for what Bruce and the Invest Ottawa team have accomplished in just a few years," says David Ritonja, co-chair of Invest Ottawa's Board and Vice President Fixed Access Product Unit North America at Nokia. "We want to build on that momentum. We are searching far and wide to find the next champion that the Ottawa business community deserves."

To find the next advocate of the city's knowledge-based businesses, a selection committee and a search firm will be convened to facilitate a comprehensive, wide-ranging public campaign to search for the new CEO. The recruitment process is expected to take a few months and Lazenby plans on staying on as CEO until the search is completed.

About Invest Ottawa

Invest Ottawa is the economic development agency for the city of Ottawa. It delivers collaborative economic development programs and initiatives that increase entrepreneurial momentum, wealth and jobs in the City of Ottawa and its surrounding region while marketing Ottawa's diversified economy and high quality of life.

Invest Ottawa carries out initiatives in entrepreneurial mentorship, startup development, business incubation services, commercialization, targeted sector development, investment attraction, business retention, expansion, and global trade development. It is the only economic development agency in North America that facilitates all life cycles of a technology company; from startup to international expansion. For more information on programs and services, please visit www.investottawa.ca.