Government of Canada appoints Tiff Macklem as next Governor of the Bank of Canada

News release

May 1, 2020 - Ottawa, Ontario - Department of Finance Canada

Today, Finance Minister, Bill Morneau, announced that Tiff Macklem will be appointed Governor of the Bank of Canada, effective June 3, 2020. Mr. Macklem will replace Stephen S. Poloz, who has led the Bank since 2013, and will be completing his seven-year term at its helm in early June.

Tiff Macklem is currently the Dean of the Rotman School of Management at the University of Toronto, a role he assumed in July 2014. During his leadership at Rotman, Mr. Macklem has been a frequent speaker on the global financial system, risk management and public policy.  He has also chaired the Global Risk Institute.

Prior to joining Rotman, Mr. Macklem served as Senior Deputy Governor of the Bank of Canada from July 2010 until May 2014. He was also Associate Deputy Minister at the Department of Finance from 2007 to 2010, serving as Canada's representative at the G7, G20 and Financial Stability Board.

With Mr. Macklem’s appointment, the Bank of Canada will be well positioned to continue to lead its significant domestic and international contributions to the economic response, and eventual recovery, from the impacts of the COVID-19 pandemic.

Quotes

“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. I would also like to express my sincere appreciation to outgoing Governor Stephen Poloz for his leadership, his vision and his dedication while at the helm of the Bank of Canada over the past seven years and for his exceptional work during the COVID-19 pandemic. ”

Bill Morneau, Minister of Finance

“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. I’d like to offer Tiff my sincere best wishes for a successful term as you lead the Bank in the service of Canadians.”

Stephen S. Poloz, Outgoing Governor of the Bank of Canada

“It is a privilege to have been selected as the tenth Governor of the Bank of Canada. I am looking forward to returning to the Bank and working alongside the distinguished members of the Governing Council and the Bank’s first-rate staff. The Bank’s employees have always been its greatest strength, and thanks to their efforts, the institution enjoys a tremendous reputation globally as one of the world’s leading and trusted central banks. To the Minister of Finance, the Board of Directors of the Bank of Canada, and to all Canadians, I pledge to do all I can to live up to the very high standards of those who have come before me.”

Tiff Macklem, Incoming Governor of the Bank of Canada

Quick facts

  • Stephen S. Poloz has been the Governor of the Bank of Canada since 2013. Prior to this role, he was the President and Chief Executive Officer of Export Development Canada (EDC).

  • Tiff Macklem will be the Bank of Canada’s tenth Governor.

  • The Bank of Canada is Canada’s central bank. Its principal role is to promote the economic and financial welfare of Canada. Its four main areas of responsibility are: monetary policy; the promotion of safe, sound and efficient financial systems; designing, issuing and distributing Canada’s bank notes; and managing Canada’s public debt program and foreign exchange reserves.

  • The Governor is the Bank’s Chief Executive Officer. The responsibilities include: chairing the Bank’s Board of Directors; leading the Governing Council and conducting monetary policy to achieve an inflation target agreed upon by the Bank and the Government of Canada.

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Contacts

Media may contact:

Maéva Proteau
Press Secretary
Office of the Minister of Finance
maeva.proteau@canada.ca
613-369-5696

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

General enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

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