The Bank of Canada building in Ottawa. Two deputy governors are set to leave the central bank in the coming months.Adrian Wyld/The Canadian Press
Two Bank of Canada deputy governors are leaving the central bank in the coming months, the bank announced Monday.
Deputy governor Rhys Mendes will depart on April 10, while deputy governor Sharon Kozicki will depart on July 15. Both are members of the seven-person governing council that sets interest rates and determines other aspects of Canadian monetary policy.
Both Mr. Mendes and Ms. Kozicki have had long careers at the central bank, but were relatively recent additions to the governing council. Ms. Kozicki was appointed as a deputy governor in 2021, while Mr. Mendes was appointed in 2023.
The bank said it will undertake “an internal recruitment process” to fill the positions.
Mr. Mendes is leaving the post in Ottawa to relocate to Toronto with his family, the bank said.
As deputy governor, he oversaw the bank’s analysis of international economic developments, and helped lead the bank at international meetings with the G7 and G20. Prior to that, he was assistant deputy minister for economic policy at the Department of Finance, and head of international analysis at the central bank.
“The Bank has greatly benefited from Rhys’s leadership and expertise on the global stage,” Governor Tiff Macklem said in a statement.
“Rhys has been instrumental in shaping the policy agenda for Canada’s G7 Presidency last year, and for strengthening co-operation among central banks in support of economic welfare and financial stability domestically and abroad. This work has initiated changes that will continue to influence policy in the years ahead.”
Ms. Kozicki will retire this summer, the bank said. She joined the Bank of Canada in 2006, and held a range of positions, including as head of the bank’s Canadian economic analysis department. As deputy governor, she oversaw the bank’s analysis of the domestic economy.
Prior to joining the bank, she was an economist with the board of governors of the U.S. Federal Reserve in Washington, and vice-president and economist at the Federal Reserve Bank of Kansas City.
“Sharon’s keen insights and wealth of knowledge have been invaluable in navigating the challenges facing monetary policy amid the pandemic fallout, rising geopolitical tensions and shifting global trade dynamics,” Mr. Macklem said.