Bank of Canada shock! Poloz named new chief

Finance Minister Jim Flaherty  has ended months of speculation – and shocked everyone – by naming Stephen Poloz, 57, as the new governor of the Bank of Canada. Most observers had tabbed Tiff Macklem, current senior deputy governor, as the next top banker.

But for reasons known only to Flaherty, he tabbed Poloz for the job. “After pursuing an exhaustive domestic and international search to find the best candidate for this important and challenging role, the Board ultimately found such an individual in Stephen Poloz,” said David Laidley, Chair of the Special Committee of the Board of Directors. “Mr. Poloz has significant knowledge of financial markets and monetary policy issues and extensive management experience. We are confident Mr. Poloz will make an outstanding contribution to the work of the Bank and uphold its reputation as a leading central bank.”

During his term here as top banker, Carney became something of a global economic superstar, credited for his adept handling of the Canadian banking system and steering the economy through the worst of the recent credit crisis. For his efforts, he was lauded in financial circles, severed on various prestigious economic bodies and was even named to Time magazine’s 2010 most-influential list – all of which led to his new job in Britain.