More changes in Bank of Canada's top ranks

OTTAWA -- Further changes in the senior ranks of the Bank of Canada were unveiled Wednesday, with deputy governor Pierre Duguay announcing his retirement, while Jean Boivin, a 37-year-old professor at one of Quebec’s most prestigious universities, tapped to join the key policy-making governing council.

Mr. Boivin, the newest deputy governor, recently began a one-year term as a special advisor to the governor, which the central bank hands out annually to academics and private-sector professionals in an effort to bring additional perspectives on monetary policy. He will take the spot of David Longworth, who’s leaving at the end of the month.

Mr. Boivin has an academic background, holding senior faculty positions at HEC Montreal, regarded as Quebec’s top school for business and economics. He has also taught at New York’s Columbia University, and has published papers on monetary policy, inflation and interest rates. In announcing his appointment, the Bank of Canada described Mr. Boivin as one of Canada’s “leading” economic researchers.

"Jean's research is pushing the frontiers of monetary economics. His expertise will be tremendously helpful as the bank continues to develop and execute its monetary policy and approach to financial stability," said Mark Carney, Bank of Canada governor, in a statement.

Mr. Boivin’s appointment is effective April 1, and represents the latest attempt by Mr. Carney to reshape the central bank by bringing in outsiders to key posts. Last year, he recruited Timothy Lane from the International Monetary Fund to join the central bank as deputy governor; and David Wolf, formerly chief Canadian economist at Bank of America-Merrill Lynch to serve as an advisor.

Also, Tiff Macklem, a former deputy governor and now senior official at the Department of Finance, will become the central bank’s No. 2 official, after Mr. Carney, in July, replacing the retiring Paul Jenkins.

Meanwhile, the central bank also announced another deputy governor, Mr. Duguay, will retire on July 29. He joined the central bank’s research department in 1973 and rose through the ranks, and became deputy governor in 2000.

“Pierre's precision and extensive experience have been critical as the bank developed and honed its projection models and monetary policy, launched new bank notes and, more recently, helped to develop international financial system governance principles,” Mr. Carney said. “Pierre's expertise, guidance, and commitment to clear communication have contributed to many of this institution's successes over the past 38 years.”