Ottawa, May 2, 2013
Harper Government Appoints Stephen Poloz Governor of the Bank of Canada
The Honourable Jim Flaherty, Minister of Finance, today announced that Stephen Poloz will be appointed Governor of the Bank of Canada, effective June 3, 2013. Mr. Poloz will replace Mark Carney, who has accepted the role of Governor of the Bank of England.
“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,” said Minister Flaherty. “I am confident he has the skills and experience required to lead the Bank of Canada at a time of global economic uncertainty.”
Mr. Poloz comes to the Bank of Canada from Export Development Canada (EDC) where he has been the President and Chief Executive Officer since 2011. He joined EDC in 1999 as Vice-President and Chief Economist, and in 2004 was promoted to Senior Vice-President, Corporate Affairs and Chief Economist.
Prior to joining EDC, Mr. Poloz spent five years with Montreal-based BCA Research, and 14 years with the Bank of Canada in various capacities. He holds an M.A. and Ph.D. in economics from the University of Western Ontario, and a B.A. (Honours) in economics from Queen’s University.
“This has been an extremely thorough process as we sought the best candidates from around the world, said Minister Flaherty. “We had some very impressive individuals come forward as candidates and I would like to take this opportunity to thank each and every one of them for their interest. I would also like to take this opportunity to thank the outgoing Governor. 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.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
Stephen S. Poloz
Stephen Poloz was appointed President and Chief Executive Officer of Export Development Canada (EDC) in January 2011, after nearly 30 years of public and private sector experience in financial markets, forecasting and economic policy. He joined EDC in 1999 as Vice-President and Chief Economist, and in 2004 was promoted to Senior Vice-President, Corporate Affairs and Chief Economist, with added responsibility for Corporate Planning, Communications, Government and International Relations, Engineering, Corporate Social Responsibility and Corporate Research. From 2008 to 2010, he was Senior Vice-President, Financing, with responsibility for all of EDC’s lending programs, in addition to the Economics and Corporate and International Trade Intelligence groups. Prior to joining EDC, Mr. Poloz spent five years with Montreal-based BCA Research, and 14 years with the Bank of Canada in Ottawa. He has been a visiting scholar at the International Monetary Fund in Washington, and at the Economic Planning Agency in Tokyo. He has also served as President of the Ottawa Economics Association. Mr. Poloz holds a Ph.D. and M.A. in economics from the University of Western Ontario, and a B.A. (Honours) in economics from Queen’s University. He is a Certified International Trade Professional and a graduate of Columbia University’s Senior Executive Program.
Mr. Poloz is 57 years old and his hometown is Oshawa, Ontario. He now resides in Ottawa with his wife of 36 years, Valarie. He has two children, Jessica and Nickolas, and he is a grandfather.