Canada’s new head of Defence Investment Agency starts today

Prime Minister Mark Carney, right and Thyssenkrupp Marine Systems CEO Oliver Burkhardt, centre speak with Captain Jeremy in front of a 212A class submarine under maintenance as they tour the submarine building facility in Kiel, Germany on Tuesday, Aug. 26, 2025. THE CANADIAN PRESS/Christinne Muschi

It’s Doug Guzman’s first day as CEO of Canada’s new Defence Investment Agency (DIA).

Prime Minister Mark Carney appointed him and established the agency in October. Guzman was deputy chair of the Royal Bank of Canada before joining RBC, he was also managing director at Goldman Sachs in New York and in Toronto, co-heading the Global Metals & Mining and Canadian Investment Banking divisions.

“Mr. Guzman is going to come in and professionalize the way we procure goods and services for (the Department of National Defence) and (the Canadian Armed Forces). I’m very anxious to see him hit the ground running.

“He’s got a number of big projects on his plate and the submarines are number one,” said Defence Minister David McGuinty in Ottawa. Procurements valued at $100 million dollars and above will be decided by the DIA.

Guzman’s first major responsibility will be selecting the supplier for the Canada Patrol Submarine Project.

Canada wants to buy a fleet of 12 submarines. The contract spans decades and could be largest overseas defence procurement in Canada’s history. Its aging submarines need to start being replaced by 2035.

The four Victoria Class submarines are decades old and some replacement parts are no longer manufactured.

The DIA has sent the request for proposals for building and manufacturing the submarines to the two finalists: South Korea company, Hanwha Ocean and German defence company TKMS .

The deadline for RFP submission is March 2, 2026.

There wasn’t money allocated for the submarines in Budget 2025.