Lorraine Audsley Appointed President and Chief Executive Officer of Canada Enterprise Emergency Funding Corporation

In this role, Lorraine will provide strategic leadership and operational oversight as CEEFC delivers high-impact financing initiatives on behalf of the Government of Canada, including the $10-billion Large Enterprise Tariff Loan (LETL) facility that provides financing support for large Canadian enterprises affected by actual and potential new tariffs and countermeasures and which face challenges accessing traditional sources of market financing.

Her appointment comes at a pivotal moment, as CEEFC plays a central role in supporting strategic Canadian industries through times of economic pressures. Lorraine's leadership reinforces the corporation's focus on strong stewardship, disciplined execution, and accountability in managing significant public assets in an increasingly complex global trade environment.

Since its establishment in 2020, CEEFC has built deep expertise in designing and administering complex financing programs to support key national priorities and continues to support the resilience and competitiveness of strategic Canadian industries while safeguarding taxpayer interests through active portfolio management and rigorous governance.

Prior to joining CEEFC, Lorraine held several senior leadership roles at Canada Mortgage and Housing Corporation and Export Development Canada, including Chief Risk Officer, Chief Credit Officer, and Chief Sustainability Officer. In these positions, she led financial underwriting, credit adjudication, special loans, portfolio oversight, enterprise risk management, as well as climate risk management and human rights policy oversight.

Lorraine holds a Master of Science in Finance from Henley Business School at the University of Reading and completed the Advanced Management Programme at INSEAD Business School.

"Lorraine brings exceptional leadership experience and deep expertise in risk management, financial underwriting and structuring experience," said Elizabeth Wademan, President and CEO of CDEV. "Her background will be instrumental in ensuring the corporation continues to deliver on its mandate with rigour, integrity, and accountability."

"I am very pleased to be appointed President and CEO of CEEFC," said Lorraine Audsley. "CEEFC plays a critical role in managing large-scale federal financing programs designed to support otherwise viable Canadian enterprises facing extraordinary market disruption. I am fully committed to the mandate of the corporation and to its success for the benefit of Canadians and the long-term prosperity of our country."

Quick facts

• Established in 2020 by CDEV, CEEFC currently manages the Large Employer Emergency Financing Facility (LEEFF) program in response to the economic impact of the COVID-19 pandemic and the Large Enterprise Tariff Loan (LETL) facility to support large Canadian enterprises affected by actual or potential tariffs and countermeasures.

• Since its launch on April 15, 2025, the LETL facility has issued two loans totaling $515 million: $400 million to Algoma Steel Inc. and $115 million to Arctic Canadian Diamond Company Ltd., a subsidiary of Burgundy Diamond Mines Ltd.

• CDEV provides the Government of Canada with specialized financial advisory around the country's most complex and diverse commercial interests. For over 40 years, CDEV, a federal Crown corporation, has been the entity of choice for critical financial transactions needed to help Canada achieve its goals and maximize the value of government corporate assets.

• This appointment is effective as of February 24, 2026, and is the result of a rigorous national search and competitive process undertaken by the independent CEEFC Board.

To learn more about CEEFC: https://ceefc-cfuec.ca/

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282607