Paul Jenkins, senior deputy governor of the Bank of Canada, will step down at the end of his term in April 2010, the BoC said Thursday.

Jenkins was appointed to the role in April 2003 after serving as deputy governor for 10 years. He began his career at the BoC in the research department in 1972.

Jenkins told the board of directors and Mark Carnery, governor of the bank, that he viewed the end of his term “as an opportunity to undertake new challenges”.

The board has begun seeking his replacement. It has formed a special committee comprised of the bank’s independent directors to conduct the search and selection process, and it has engaged the executive recruiting firm of Odgers Berndtson to help the search.

It expects to decide on a replacement by February 2010, and that choice is subject to approval by Order-in-Council issued by the federal Cabinet.

IE