Michèle Bourque is the new president and CEO of the Canada Deposit Insurance Corp. (CDIC), federal finance minister Jim Flaherty announced Wednesday.

The appointment will be effective as of May 9.

Bourque, who has been with CDIC for 18 years, currently serves as the corporation’s executive vice president, insurance and risk assessment. She has been involved in a number of key areas within CDIC, including the assessment, monitoring and resolution of member institutions.

“Ms. Bourque brings extensive knowledge of deposit insurance and risk assessment to her new position,” said Flaherty. “With her expertise in the financial services sector and her long commitment to the protection of consumers, Ms. Bourque will ensure that Canada’s deposit insurance system continues to fulfill its important role effectively and efficiently.”

A native of Montreal Bourque holds a Master of Business Administration from the University of Ottawa, as well as a Master of Science in Economics and a Bachelor of Science in Economics from the Université de Montréal.

The Minister also thanked Guy Saint-Pierre for over 20 years of public service at CDIC, including the past five years as president and CEO.

CDIC is a federal Crown corporation that provides deposit insurance against the loss of deposits with its member banks, trust companies and loan companies in the event of their failure. CDIC works to minimize its exposure to loss and contributes to the stability of the Canadian financial system for the benefit of depositors.

IE