Senior Deputy Governor Tiff Macklem has announced that he will resign from the Bank of Canada next spring to become Dean of University of Toronto’s Rotman School of Management.

Mr. Macklem, who began his career at the Bank in 1984, was appointed Senior Deputy Governor in July 2010, for a term of seven years. He will leave the Bank on 1 May 2014 and assume his new role at Rotman on 1 July for a term of five years.

As Senior Deputy Governor, Mr. Macklem is the Bank's Chief Operating Officer and a member of the Board of Directors of the Bank. The Senior Deputy Governor oversees the Bank’s strategic planning and operations and shares responsibility for the conduct of monetary policy as a member of the Bank’s Governing Council.

“I am very excited by the opportunity to lead this outstanding school of management. I look forward to working with Rotman’s exceptional faculty to shape a new generation of business and public policy leaders and to promote excellent research on the most pressing economic and business issues of our time,” Mr. Macklem said. “I will miss the Bank a great deal. I am extremely proud of the work we have done to promote the economic and financial well-being of Canadians, and I am confident that the Bank’s first-rate research and policy formulation will continue to protect and strengthen Canada’s economy. Governor Poloz, my colleagues on Governing Council, and the Bank’s staff are the most dedicated and talented professionals with whom I’ve had the pleasure to work. Canada’s economy is in good hands.”

Governor Poloz saluted the outstanding contribution that Mr. Macklem has made to the Bank.

"Tiff has dedicated nearly 30 years to the Bank and to Canada, and his influence can be seen in every aspect of our work and in central banking worldwide. I want to thank him for making the Bank better, and especially for his support and mentorship during my first six months as Governor, and I look forward to our continuing close collaboration during the months leading up to his departure.”

The Senior Deputy Governor is appointed by the Directors of the Bank with the approval of the Governor-in-Council (federal Cabinet). A Special Committee of Directors will be formed to launch the selection process for the next Senior Deputy Governor.