Stephen Poloz, the head of Export Development Canada, has been named as the surprise pick to be the next governor of the Bank of Canada.
Poloz, who has experience in both the public and private sector, replaces Mark Carney, who is leaving his post to lead the Bank of England.
At a Thursday afternoon press conference in Ottawa, Minister of Finance Jim Flaherty said the search for the new governor was extremely thorough and sought out candidates from around the world.
"It has taken us some time to get to this point," Flaherty said, adding that the appointment process was scrupulously followed.
Flaherty said he is confident Poloz will perform with "distinction" as he guides the Bank of Canada for the next seven years.
"The bank's employees are its greatest strength, and thanks to their efforts, the Bank of Canada enjoys a tremendous reputation globally as one of the world's most effective and highly regarded central banks," Poloz said.
Carney, who was also on hand for the announcement in Ottawa, said he appreciated the "sharp insights" Poloz offered on the Canadian and global economies.
Carney is set to leave June 1 for London, where he will be the first non-Briton to serve as governor of the Bank of England.
The selection of Poloz came as a surprise to many — most analysts had predicted that Tiff Macklem, the central bank's senior deputy governor, would succeed Carney.
Poloz studied at Queen's University and later received a master's degree and PhD in economics from the University of Western Ontario.
He comes to the Bank of Canada from EDC, where he most recently served as president and CEO. But the Oshawa, Ont., native has previous experience at the Bank of Canada — he joined the central bank in 1981 and worked there for 14 years, a statement released by the bank says.
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