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Stephen Poloz named new Bank of Canada governor

Beats out Tiff Macklem.

GNMOTTAWA – Stephen Poloz, the former head of Export Development Canada, has been named the new governor of the Bank of Canada, replacing Mark Carney, whose term ends June 1.

The appointment to a seven-year term follows a lengthy five-month search process set in motion by Finance Minister Jim Flaherty after Carney announced he would step down June 1.

“Stephen Poloz has a long and distinguished career in the public and private sectors with 30 years experience in financial markets, forecasting and economic policy,” Flaherty said in a statement.

“I am confident he has the skills and experience required to lead the Bank of Canada at a time of global economic uncertainty.”

Poloz has been president and chief executive at EDC since 2011. He joined the organization in 1999 as vice-president and chief economist, and in 2004 was named senior vice-president, corporate affairs.

Poloz spent five years with Montreal-based BCA Research, and 14 years with the Bank of Canada in various capacities. He holds degrees in economics from the University of Western Ontario and Queen’s University.

“This has been an extremely thorough process as we sought the best candidates from around the world,” Flaherty said.

“Mark Carney has been a visionary leader, an economic partner and a friend. Over the past few years we have faced some unprecedented economic challenges and we surmounted.”

Carney, who is leaving to take over the top job at the Bank of England, won respect across the global financial community for his leadership and deft handling of the challenges wrought by the recession.

The early favourite to replace him had been Tiff Macklem, 51, the second-in-command at the bank who had apparently been groomed for the prestigious post.

Other candidates included Stanford University professor Darrell Duffie, and past and current bank deputies.

The position comes with a salary of between $431,800 and $507,900.