The Board of Directors of the Bank of Canada announced today that, pursuant to Section 6 of the Bank of Canada Act, it has appointed David Dodge as Governor of the Bank of Canada for a seven-year term, effective 1 February 2001. He will succeed Gordon Thiessen, who announced earlier this year that he would retire from the Bank at the end of his term on 31 January 2001.

"David Dodge brings to his new role distinguished academic credentials and an exemplary record of public service," said Harold MacKay, Chair of the Special Committee of the Board of Directors. "The Board believes that Mr. Dodge is superbly equipped to lead the Bank and that he will serve both the Bank and Canadians very well."

A native of Toronto, Mr. Dodge received a bachelor's degree (honours) in economics from Queen's University and a PhD in economics from Princeton (1972).

During his academic career he has served as Assistant Professor of Economics at Queen's University; Associate Professor of Canadian Studies and International Economics at the School of Advanced International Studies, Johns Hopkins University; Senior Fellow in the Faculty of Commerce at the University of British Columbia; and Visiting Professor in the Department of Economics at Simon Fraser University. He has also served as Director of the International Economics Program of the Institute on Research in Public Policy.

During a distinguished career in the federal public service, Mr. Dodge has held senior positions in the Central Mortgage and Housing Corporation, the Anti-Inflation Board, and the Department of Employment and Immigration. After serving in a number of increasingly senior positions at the Department of Finance, including that of G-7 Deputy, Mr. Dodge was appointed Deputy Minister of Finance in 1992. In that role, he served as a member of the Bank's Board of Directors until 1997. He was appointed to his current position, Deputy Minister of Health Canada, in 1998.

On behalf of the Board of Directors, Mr. MacKay wished Mr. Thiessen well in his retirement after 35 years of dedicated service to the Bank.