October 29, 2009 / 6:20 PM / in 8 years

Bank of Canada deputy governor to leave next year

OTTAWA (Reuters) - Bank of Canada Senior Deputy Governor Paul Jenkins will step down when his current seven-year term ends in April 2010, the central bank said on Thursday.

The bank said it expected to select a replacement in February. The new senior deputy governor will start work on April 9 next year.

Jenkins, who in 2008 lost out to Mark Carney in the race to become governor, took up his current job in April 2003 after serving for 10 years as a deputy at the bank. He began his career at the bank in 1972.

“His economic leadership and skilled management as the bank’s chief operating officer have reinforced the confidence that Canadians have in the Bank of Canada, in particular during the recent financial crisis,” Carney said in a statement.

Many central bank observers were surprised when Jenkins lost the competition for the top job to Carney, an outsider many years his junior.

Jenkins kept a fairly low profile but was always at Carney’s side at news conferences and when the governor testified at parliamentary committees.

“Mr. Jenkins has informed the board of directors and the governor that he viewed the end of his term as an opportunity to undertake new challenges,” the bank said in the statement.

The Bank of Canada could not immediately confirm Jenkins’ age.

Reporting by David Ljunggren; editing by Peter Galloway

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