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Globe says CIBC, rivals hear new deputy governor named

2021-07-22 07:10 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Thursday edition that the Bank of Canada has appointed Sharon Kozicki as deputy governor, making the second change to the governing council in as many weeks. The Globe's Mark Rendell writes that Ms. Kozicki, a close adviser to Governor Tiff Macklem and his predecessor Stephen Poloz, will join the BOC's top decision-making body on Aug. 2. The news comes just a week after the appointment of Carolyn Rogers as senior deputy governor. The appointment will "temporarily" bring the number of governing council members to seven, once Ms. Rogers starts in December. The council typically has six members, suggesting a retirement may be imminent. The BOC said in a statement, "This will allow for a broader diversity of views and analysis and will allow for smooth succession in the event of future retirements." Ms. Kozicki joined the bank in 2006 and has been an adviser to the governor and secretary to the governing council since 2013. In this role she has overseen the production of the quarterly Monetary Policy Report outlining the bank's economic forecast. In 2016, she led the work reviewing different monetary policy frameworks as part of the bank's five-year mandate review.

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