Guzman Exits Defence Investment Agency Amid Bureaucratic Frustrations
Doug Guzman is expected to leave his position as head of the Defence Investment Agency after only a year on the job, according to sources.
Guzman was recruited by Prime Minister Mark Carney in July 2025 from Royal Bank of Canada (RBC), where he served as deputy chair. He has been frustrated by the slow pace of government bureaucracy in getting defence procurement projects moving and approved.
The Defence Investment Agency was launched last year to streamline and modernize the country's laggard defence procurement system, part of a larger effort by the federal government to bring Canada's defence spending to 5% of its GDP by 2035. Prime Minister Carney wants the independent agency to shorten the time frame for major military purchases.
Guzman has been evaluating bids from four Canadian cities hoping to host the future headquarters of the Defence, Security and Resilience Bank (DSRB), a global defence bank that Carney is championing. The DSRB promises to deliver affordable capital, loans, and job creation for its member countries.