Carney Turned Down Shopify President Role Before Joining Brookfield

Canadian e-commerce giant Shopify (NASDAQ: SHOP) offered Prime Minister Mark Carney a job as company president in 2020, before he ultimately joined Brookfield Asset Management (TSX: BAM), according to a former company executive.

Craig Miller, who was Shopify’s chief product officer at the time, said the company created the president role specifically to entice Carney after his stint as Bank of England governor in March 2020.

“We were super eager to recruit him at the company,” Miller told the Globe and Mail. “We really wanted him in the company, and we were trying to think, ‘what’s the best way to get him in the door?'”

The company was attracted to Carney’s financial and international experience as it explored expanding its financial offerings, including its Shop Pay payment system.

“He was not the traditional person in tech, and that is actually what excited us,” Miller said.

Carney, who is now campaigning as a Liberal Party candidate in Canada’s federal election, ultimately declined the offer and joined Brookfield in August 2020 as chair of transition investing, where he expanded the company’s environmental, social, and governance investing portfolio.

Shopify subsequently appointed Harley Finkelstein as president in September 2020, a position he continues to hold. Finkelstein had previously served as chief platform officer and chief operating officer.

By May 2020, Shopify had become Canada’s most valuable public company as its stock soared during pandemic lockdowns, benefiting from the rapid shift to e-commerce. 

However, the company now faces potential headwinds from US tariffs, global trade tensions, and concerns about consumer demand, with multiple analysts recently reducing their stock price targets.

Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.