EDC CEO Eric Siegel to retire December 31 after distinguished career, Board<br>begins search for next CEO

OTTAWA, April 23 /CNW Telbec/ - Export Development Canada's (EDC) President and CEO, Eric Siegel, will retire December 31, 2010, completing his four-year term as President and CEO and concluding a distinguished 32-year career with the corporation.

"Eric has provided exemplary leadership through a lifetime of service at EDC, and the Board commends and thanks him for his remarkable contribution to EDC's success over the past three decades," said Jim Dinning, Chair of EDC's Board of Directors.

"As EDC and its customers emerge from a challenging period, we were fortunate to have Eric Siegel's leadership through the recent credit crisis. Under his guidance, EDC played a significant role in the Government's response to the global economic crisis," Mr. Dinning added.

Mr. Siegel did not request an extension to his term, and will be retiring as originally planned at the conclusion of his tenure.

Accordingly, EDC's Board of Directors has initiated the search process for its next CEO. A Request for Proposal (RFP) was issued on March 15 to select an executive search firm partner to work with the Board's selection committee and its partners, the Privy Council Office and the Minister of International Trade.

The Board and its partners will develop and provide a list of recommended candidates to the Minister of International Trade at the conclusion of the process.

Following an in-depth review of the submissions, EDC selected Odgers Berndtson to generate candidates from the public and private sectors, as well as internal candidates. Odgers Berndtson will begin to work on the process immediately.

"EDC is a unique partner to Canadian businesses of all sizes in their global trade endeavors. Its relevance to and impact on Canada's economy has grown exponentially and I look back on my tenure at EDC with great satisfaction," said Mr. Siegel.

"I have been privileged to serve as CEO these last four years, leading a group of talented and dedicated employees to meet the needs of our customers while maintaining EDC as a financially, self-sustaining corporation. The role presents a unique, professional challenge that I am confident will attract considerable interest from globally-oriented executives."

Mr. Siegel joined EDC in 1979 and has held several senior roles in the organization, with particular emphasis on EDC's lending programs. In 1988, he became General Manager of EDC's Medium-Term Insurance programs. After leading an extensive corporate restructuring between 1993 and 1995, Mr. Siegel was appointed Senior Vice-President of Medium- and Long-Term Financial Services and then Executive Vice-President in 1997. Mr. Siegel was named Chief Operating Officer in September 2005, assuming overall leadership for EDC's business development and transacting groups. In January 2007, he was appointed President and Chief Executive Officer.

Mr. Siegel holds a Bachelor of Arts degree in history and economics from the University of Toronto, a Master of Business Administration degree from York University, and has completed the Senior Executive Program at Columbia University.

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for nine consecutive years.

For further information: Media contacts: Phil Taylor, Export Development Canada, Tel: [phone], Blackberry: [email protected]