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Governor of the Bank of Canada leaves post early to lead Bank of England

Mark Carney is leaving the Bank of Canada to become governor of one of the world’s oldest central banks, the Bank of England. Mr. Carney, who became governor of Canada’s central bank in 2008 after working as a Goldman Sachs investment banker and a senior official in the Finance Department, will assume his new role at the Bank of England in July 2013.

William R. Horton, Chief Investment Officer at MD Physician Services commented: "From a Canadian perspective, we are confident that Governor Carney’s leadership leaves a strong policy framework in place at the Bank of Canada; a framework which will support an effective transition to new leadership.

And from an international perspective, we note that this appointment comes at a critical period for the global financial system, especially in Europe—which will benefit from having an active and reputable leader at the Bank of England."

The role of the governor of the Bank of England has expanded after the financial crisis. Mr. Carney will, under a new system put in place following the financial crisis, assume responsibility for the overall health of the British financial system.

Mr. Carney’s term in Canada was set to expire in 2015. The search for a new governor will now begin, through a Special Committee comprised of independent directors who will undertake a recruitment process for the selection of the next governor.

"At MD, we will look to see whether the next governor brings the depth of understanding of the federal government machinery demonstrated by Governor Carney," noted Mr. Horton. "We recognize that Governor Carney’s new position reflects global awareness of Canada’s success in managing our monetary and regulatory affairs, and we look forward to continuing this success under a new governor."

This Reuters article includes commentary from Mr. Horton about Carney’s departure.
Article available in English only.

Bank of Canada announces Carney’s new appointment.