Two Bank of Canada deputy governors to exit in leadership shakeup

Mendes, appointed in 2023, is stepping down on April 10 to relocate to Toronto with his family.

He currently oversees the Bank’s analysis of international economic developments and serves as its representative to the G7 and G20.

Before joining the central bank, Mendes was assistant deputy minister for economic policy at Canada’s Department of Finance.

Kozicki, who joined the Bank in 2006 and became deputy governor in 2021, is retiring on July 15, after nearly two decades at the institution.

She has been responsible for overseeing analysis of domestic economic developments and has led research on inflation, the broader economy and monetary policy transmission.

Governor Tiff Macklem said Mendes played a key role in advancing international policy coordination and shaping Canada’s agenda during its recent G7 presidency.

“The Bank has greatly benefited from Rhys’s leadership and expertise on the global stage,” Macklem said, adding that his work would have a lasting influence on policy.

Macklem also credited Kozicki with helping guide monetary policymaking through recent economic challenges, including the aftermath of the COVID-19 pandemic and rising geopolitical tensions.

“I thank Sharon for her exceptional service and unwavering commitment to rigorous policymaking,” he said.

The Bank said it will launch an internal process to fill both positions.