Reports out Thursday have Bank of Canada veteran Sharon Kozicki as the pick of economists to be the central bank’s next second-in-command.
Kozicki, currently an adviser to Governor Tiff Macklem, is the clear front-runner to replace Carolyn Wilkins after she steps down as senior deputy governor next week. Other contenders include two current deputies, Paul Beaudry and Toni Gravelle. Stephen Murchison, a bank veteran now seconded to a pension fund, is on the list, as is Jean-Francois Perrault, the chief economist at Bank of Nova Scotia in Toronto.
The transition in the top ranks comes at a critical time for the Ottawa-based central bank. Since taking the reins in June, Macklem has fine-tuned the nation’s first-ever emergency quantitative easing program while fending off political criticism that he’s financing Prime Minister Justin Trudeau’s deficit spending agenda. The bank is also in the homestretch of renewing its five-year mandate agreement with the government, a process Wilkins was leading.
Independent members of the bank’s board of directors are making the selection, and any appointment must be approved by Trudeau and Finance Minister Chrystia Freeland, though Macklem is expected to have significant input. Initial interviews should be concluded by the end of January, according to people familiar with the process. It’s unclear when the final decision will be made.
