Tiff Macklem has been named the next Bank of Canada governor as the economy grapples with the effects of the coronavirus pandemic.
Finance Minister Bill Morneau made the announcement during a news conference.
“I have the utmost confidence in Tiff Macklem’s ability to lead the Bank of Canada as its next Governor. His leadership and experience at the Bank, in the federal government, and in academia will be invaluable as he guides Canada’s monetary policy during these challenging times,” said Morneau.
Morneau also thanked outgoing Governor Stephen Poloz for his seven years at the helm, whose term ends on June 2nd.
“The past seven years have been incredibly rewarding professionally and personally, and equally challenging. I want to thank all Board members, present and past, for their support, and Minister Morneau for his leadership and friendship these past few years,” said Poloz.
“I’d like to offer Tiff my sincere best wishes for a successful term as you lead the Bank in the service of Canadians.”
Macklem is the dean of the Rotman School of Management at the University of Toronto. He was also senior deputy governor under Mark Carney and had been seen as a front runner to replace him, when Poloz was chosen instead.
A similar story played out this time around. Current deputy Carolyn Wilkins was widely seen as Poloz’s most likely successor.
— Yahoo Finance