Ottawa is overhauling the leadership of Invest in Canada, appointing private equity executive Gurinder Grewal as chief executive officer and former consultant and diplomat Dominic Barton as board chair.

Prime Minister Mark Carney announced the changes on Monday afternoon, signalling a new, more muscular role for the federal agency that was created in 2018 to attract and promote foreign direct investment in Canada.

Invest in Canada is expected to take on a “new, more ambitious” role in helping Ottawa reach its goal to attract $500-billion in new private-sector capital and $1-trillion of total investment in Canada over five years, according to a news release from the Prime Minister’s Office.

Mr. Grewal is founder and managing partner of MEM Growth Partners, with experience investing in sectors such as energy, infrastructure, and technology. He previously worked at private equity firm Advent International for more than a decade.

Mr. Barton led consulting giant McKinsey & Co. as global managing partner and later served as Canada’s ambassador to China.