Two Deputy Governors to depart Bank of Canada Governing Council
Deputy Governors Rhys Mendes and Sharon Kozicki will depart the Bank of Canada's Governing Council on April 10 and July 15, respectively. The central bank announced an internal recruitment process to fill the positions.
Mendes' global economic leadership
Deputy Governor Rhys Mendes will leave the Bank of Canada (BoC) on April 10 to relocate to Toronto with his family.
Appointed in 2023, Mr. Mendes was responsible for overseeing the BoC's analysis of international economic developments and served as the Bank's G7 and G20 Deputy.
Governor Macklem praised his leadership, noting Mendes was instrumental in shaping the policy agenda for Canada's G7 Presidency last year and strengthening cooperation among central banks in support of economic welfare and financial stability.
His work also included critical contributions to the BoC's 2021 inflation-targeting agreement renewal.
Prior to his Deputy Governor role, he served as Assistant Deputy Minister for Economic Policy at the Department of Finance.
Kozicki's domestic policy insights
Deputy Governor Sharon Kozicki will retire on July 15, concluding a distinguished career at the Bank of Canada and in the US Federal Reserve System.
Joining the BoC in 2006 and appointed Deputy Governor in 2021, Ms. Kozicki oversaw the analysis of domestic economic developments.
Governor Macklem commended her 'exceptional service and unwavering commitment to rigorous policymaking' during challenging periods for Canada.
Her keen insights and wealth of knowledge were invaluable in navigating monetary policy amid the pandemic fallout, rising geopolitical tensions, and shifting global trade dynamics.
She held various senior leadership positions, leading research on the economy, inflation, and monetary policy transmission channels.
Significant leadership transition
The simultaneous departure of two experienced Deputy Governors represents a notable loss of institutional knowledge and leadership for the Bank of Canada.
Their specific expertise in international and domestic economic policy will be challenging to replace quickly.
The upcoming internal recruitment process is therefore critical for maintaining the Bank's analytical and policy-making continuity.
Source: Changes to Bank of Canada Governing Council
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