Bank of Canada names Tiff Macklem from the University of Toronto as its next governor, succeeding Stephen S. Poloz, who leaves the central bank in June.
The loonie falls 1.0% against the greenback; Invesco CurrencyShares Canadian Dollar Trust ETF (FXC -0.7%).
Macklem, who had been considered a frontrunner to replace Mark Carney as the head of the Bank of Canada in 2013, has been dean of the Rotman School of Management at the University of Toronto since July 2014.
Before that, he served as the senior deputy governor at the Band of Canada from July 2010 until May 2014; he had served associate deputy minister at the Department of Finance before that.
He first joined the bank in 1984 and moved up to increasingly senior positions until he was named advisor to the governor in August 2003; in 2003-’04 he was seconded to the Department of Finance, before returning to the BoC as deputy governor in December 2004.
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