Bank of Canada creates COO position, redefines role of its No. 2

Mon Mar 17, 2014 4:20pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Louise Egan

OTTAWA (Reuters) - Canada's central bank is redefining the role of its No. 2 policymaker, introducing changes that may attract a broader range of candidates to fill the job when the current second-in-command, Tiff Macklem, steps down later this year.

To split off some of the responsibilities now undertaken by Macklem, the Bank of Canada's senior deputy governor, the bank is creating the position of chief operating officer (COO), according to a job vacancy posted online by executive recruitment firm Boyden.

Until now, the bank's No. 2 has been required to do the work of a COO, overseeing corporate planning and coordinating the bank's operations, as well as helping to set monetary policy.

"The bank is redefining its management structure, which includes transferring the operational oversight that has traditionally been part of the senior deputy governor's (SDG) role to the newly created position of chief operating officer," the job description says.

"Reporting to the SDG, the COO will be devoted to managing the increasing complexity of the bank's administrative functions, and ensure the operational sustainability, vitality and effectiveness of the bank."

The restructuring of the upper echelons comes as bank Governor Stephen Poloz has his first chance since taking the helm last June to bring fresh faces into the bank's six-member rate-setting Governing Council.

The bank is grappling with below-target inflation in Canada and sluggish exports that are holding back growth, a trend it said has been puzzling.

Macklem is leaving May 1 to become the dean of a business school in Toronto and Deputy Governor John Murray is retiring on April 30.   Continued...

A cyclist rides past the Bank of Canada building in Ottawa July 17, 2012. REUTERS/Chris Wattie