The Bank of Canada just announced the new head of the Bank of Canada. And while speculation ran rampant as to who would step into Mark Carney’s shoes, the central bank stated today in a press release that Stephen S. Poloz will take on the appointed role for a seven-year term.
Currently the head of Export Development Canada (EDC), Poloz will start the high-profile job on June 3rd. Carney is officially ending his two-term stint as Governor (he was first appointed in 2007 then re-appointed in 2011) on June 1st. He is leaving the post to lead the Bank of England.
In the lead up to the announcement, Stephen Poloz was named as a potential successor, alongside Jean Boivin, a former deputy governor currently at Finance Canada, and Tiff Macklem, the deputy governor at the bank.
Though he worked at EDC more recently, Poloz has the Bank of Canada on his impressive CV. Starting in 1981, he worked a range of senior positions over a fourteen years, culminating in his appointment as Chief of the Bank’s Research Department in 1992.
Poloz’s appointment has come as a surprise as many analysts believed Macklem would be chosen.
Photo via Globe and Mail.