07/18/2013 07:55 EDT | Updated 09/17/2013 05:12 EDT

New chiefs nominated for Ontario Lottery and Gaming Corporation, LCBO

TORONTO - The Ontario Lottery and Gaming Corp. and the Liquor Control Board of Ontario could soon have new bosses at the helm.

Finance Minister Charles Sousa has nominated Philip Olsson as chairman of the OLG and Edward Waitzer for the LCBO.

Olsson — who is currently chairman of the LCBO — is expected to work on gaming modernization in Ontario when he moves to the lottery agency, as well as better integration with horse racing.

Olsson is a partner at investment firm K.J. Harrison & Partners Inc. as well as chairman of Connaught Oil & Gas Ltd.

The OLG has been working under an interim board of public servants since May 16.

Waitzer — who would take over the liquor board from Olsson — is an academic and businessman who specializes in business law, and a past chairman of the Ontario Securities Commission.

The nominations are subject to a review by the Standing Committee on Government Agencies.

According to the 2013 budget, the OLG contributes some $2.02 billion in net revenue to the province while the LCBO brought in $1.7 billion in 2012.

"Mr. Olsson and Mr. Waitzer each bring a wealth of experience and proven track records as two of Canada’s top business leaders," Sousa said Thursday.

"Their guidance and oversight would help ensure that OLG and LCBO continue to be run efficiently and are positioned for long-term success."