In a somewhat surprising move, Stephen Poloz has been appointed the new governor of the Bank of Canada, replacing Mark Carney
on June 1.
Poloz is the Export Development Canada Chief Executive Officer, and according to a JP Morgan Case & Col. March 19 report, was the second-most likely candidate to take the top spot at the BoC. Many industry insiders had expected Senior Deputy Governor Tiff Macklem to get the nod.
Stanford University finance professor Darrell Duffie had also been touted as a candidate.
The governor, who is first chosen from a list provided by the central bank’s board of outside directors, must then be approved by Prime Minister Stephen Harper’s cabinet.
Flaherty had said he wanted to name a replacement in April.