In a surprise to many in the financial world, Stephen Poloz is the new head of the Bank of Canada, replacing the prolific Mark Carney. The former President and Chief Executive Officer of Export Development Canada (EDC) has an extensive resume.
Poloz was born in Oshawa, Ontario, though he currently resides in Ottawa with his wife of 36 years, Valarie. He has two children, Jessica and Nickolas, and he is also a grandfather.
Like the man he is replacing, Poloz brings a strong academic background in economics. Poloz holds a Ph.D as well as an M.A. in economics from Western University, and a B.A. (Honours) in economics from Queen’s University. He is a graduate of Columbia University’s Senior Executive Program, and is a Certified International Trade Professional.
Poloz has worked in both the public and private sectors, including 14 years previous experience with the Bank of Canada during the 1980’s and early 1990’s.
Prior to his appointment as the new governor of the Bank of Canada, Poloz was President and Chief Executive Officer at Export Development Canada (EDC), a crown corporation and one of Canada’s top export credit agencies. In this role, Poloz helped provide insurance, financial services, and consultation for Canadian investors looking to expand their business abroad, as well as international investors looking for direct investment opportunities in Canada. In this role, Poloz worked closely with the Canadian federal government, as well as many prominent Canadian financial institutions.
From 1994 to 1999, Poloz worked with BCA research in Montreal, an independent investment research firm that specializes in economic forecasting for over 90 countries worldwide. He also served as the managing editor of The International Bank Credit Analyst, a monthly economic report produced by BCA which is informally known as the “little grey book” in some economic circles.
In Poloz’s previous stint at the Bank of Canada prior to 1994, he served a number of roles including Chief of the Research Department, visiting scholar at the Economic Planning Agency in Tokyo, and the bank’s representative at the International Monetary Fund in Washington.
Flaherty made reference to his background in financial and economic forecasting when he announced Poloz to the position.
“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,” Mr. Flaherty said in a statement. “I am confident he has the skills and experience required to lead the Bank of Canada at a time of global economic uncertainty.”
The early favourite to replace him had been Tiff Macklem, 51, the second-in-command at the bank who had apparently been groomed for the prestigious post. Indeed, many central-bank watchers described Thursday’s news as a stunner.
“Who said that central banking was boring? The choice of Stephen Poloz as the new governor of the Bank of Canada is a huge surprise,” CIBC said in a note to clients.
For now, the uncertainty about how Poloz will fare in his new job seems almost as daunting as the uncertainty facing Poloz himself, as he steps out of the shadow of the well-liked Mark Carney.
“The bank’s employees are its greatest strength, and thanks to their efforts, the Bank of Canada enjoys a tremendous reputation globally as one of the world’s most effective and highly regarded central banks,” Poloz said.
“I pledge to do my utmost to live up to the high standards set by those who came before me.”
– With files from the Canadian Press
See how Canadians are reacting to the announcement that Stephen Poloz will be replacing Mark Carney as Governor of the Bank of Canada.
See how Canadians are reacting to the announcement that Stephen Poloz will be replacing Mark Carney as Governor of the Bank of Canada.
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