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Mr. Arnett previously served as Special Advisor to the Premier of Ontario on the Steel Industry from 2004 to 2006, including the restructuring of Stelco Inc. He was President and Chief Executive Officer of Molson Inc. from 1997 to 2000, during which time he led a restructuring of that company.
A detailed backgrounder on Mr. Arnett is attached.
"The Government of Canada and the Province of Ontario are working toward a common goal - a viable, sustainable and competitive auto industry in Canada," said Minister Clement. "The experience and perspective Mr. Arnett brings to this role will be significant in assisting the Prime Minister and the Premier to evaluate the condition of the auto industry and in developing possible future options."
"Mr. Arnett certainly brings the necessary expertise to provide us with valuable advice that we will need if we are to move forward," said Minister Bryant. "Taxpayers deserve to know that, if we do indeed move forward, solid due diligence has been done and will result in a transformed auto industry with the jobs and prosperity that Ontarians want and deserve."
The two ministers have requested in writing the receipt of restructuring plans of Chrysler Canada Inc.; Ford Motor Company of Canada, Limited; and General Motors of Canada Limited no later than December 5, 2008.
Backgrounder
Jim Arnett Appointed Special Advisor on Auto Restructuring
Jim Arnett is a distinguished senior executive, corporate director and lawyer.
Mr. Arnett currently sits as Chair of Hydro One Inc. and chaired the Province of Ontario's 2007 Agency Review Panel that reviewed the way compensation is set for senior executives in Ontario's electricity sector agencies and how those agencies can work together more efficiently.
He is Counsel to Fraser Milner Casgrain LLP and, from 2004 to 2006, was Special Advisor to the Premier of Ontario on the steel industry, during which time he worked on the restructuring of Stelco Inc.
Mr. Arnett is a director and past Chair of the Toronto East General Hospital and is a member of the Directors Advisory Group of the Canadian Institute of Chartered Accountants.
He was Chair of KCP Income Fund, one of North America's largest custom manufacturers of both national brand and retailer brand consumer products.
Mr. Arnett served as President and Chief Executive Officer of Molson Inc. and, between 1997 and 2000, he led Molson's transformation from a diversified holding company to a focused brewing company.
Prior to that, he was a senior partner in a major Canadian law firm as Toronto Corporate / Commercial Head and as a resident partner in the firm's Washington, D.C., office.
Mr. Arnett holds a Bachelor of Arts degree and an LL.B from the University of Manitoba, as well as an LL.M from Harvard Law School.
SOURCE: Industry Canada
Office of the Honourable Tony Clement Minister of Industry Pema Lhalungpa - Press Secretary 613-995-9001 Industry Canada Media Relations 613-943-2502 Office of the Honourable Michael Bryant Minister of Economic Development of Ontario Greg Crone 416-326-9345
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