The former president and CEO of the Dominion of Canada General Insurance Company is to become chair of the board of Ontario’s gambling agency, it has been announced.

George Cooke has been nominated as the new chair of the Ontario Lottery and Gaming Corporation, succeeding Phil Olsson, the organisation said on Friday.

Cooke, who is also chair of the Ontario Municipal Employees Retirement System Administration Corporation, was at the helm of Dominion for 20 years from 1992 until his retirement in 2012.

Finance Minister Charles Sousa described Cooke as “a seasoned and accomplished business leader,” adding that his experience and success make him the “perfect candidate to lead OLG,” a Toronto Star report said.

“Modernization is a significant business transformation for OLG and having the right leadership in place will be critical to successfully see this initiative through,” Sousa added.

Cooke’s appointment follows a move by the gambling corporation to end plans to sell off its lottery business, which generates $3.8bn annually.

Speaking of his new role, which still requires the approval of the legislature’s standing committee on government agencies, Cooke said that he is looking forward to “building on the great work already accomplished by OLG, moving forward on its transformational modernization plan and continuing to deliver strong financial returns to the province.”

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