The Directors of the Bank of Canada appointed under Section 9 of the Bank of Canada Act today announced that they have appointed Mark Carney as Governor of the Bank of Canada for a seven-year term, effective 1 February 2008. Mr. Carney will succeed David Dodge, who announced earlier this year that he will retire from the Bank at the end of his term on 31 January 2008.

"Mark Carney brings to his new role an outstanding breadth of experience and expertise," said Jean-Guy Desjardins, Chair of the Special Committee of the Board of Directors. "The directors believe that Mr. Carney is superbly equipped to lead the Bank. We are confident that he can take on the challenges of the Governor's role in promoting the economic and financial welfare of Canada over the next seven years."

Mr. Carney will join the Bank of Canada on 1 November 2007 as Advisor to the Governor, a position he will occupy until he assumes his duties as Governor.

A native of Fort Smith, Northwest Territories, Mr. Carney received a bachelor's degree in economics from Harvard University in 1988. He received a master's degree in economics in 1993, and a doctorate in economics in 1995, both from Oxford University.

Prior to joining the public service, Mr. Carney had a thirteen-year career with Goldman Sachs, eventually becoming a Managing Director of the firm. Mr. Carney was Deputy Governor of the Bank of Canada from August 2003 until his appointment as Senior Associate Deputy Minister of Finance in November 2004. In addition to his domestic responsibilities in the Department of Finance, he also served as Canada's Finance Deputy at the G-7, G-20 and the Financial Stability Forum.

On behalf of the directors, Mr. Desjardins thanked Governor Dodge for his dedicated service to the Bank and to the Canadian public, and wished him well in his future endeavours.