The Bank of Canada announced today that Tiff Macklem, senior deputy governor, is planing to leave the bank early and will head to academia.
Macklem, who had been highly touted to succeed Mark Carney as the head of the central bank, plans to leave his post on May 1, 2014. He will become dean of the University of Toronto’s Rotman School of Management on July 1, for a five-year term.
A special committee of directors of the bank will be formed to launch the selection process for his replacement. The senior deputy governor is appointed by the bank’s directors, with the approval of the governor-in-council.
Macklem, who began his career at the bank in 1984, was appointed to his current post in July 2010 for a seven-year term. He was widely seen as Carney’s successor, after Carney announced his intention to leave and take a job as the head of the Bank of England.
However, the government surprised many observers by selecting Stephen Poloz from Export Development Canada for the job in May of this year.