Mark Carney, 42, a senior official in the federal Finance Department, will be the next governor of the Bank of Canada, replacing the retiring David Dodge.

Finance minister Jim Flaherty announced the appointment today at a late afternoon news conference in Ottawa.

Carney will join the Bank of Canada on November 1 as advisor to the governor, a position he will occupy until he assumes his duties as governor on February 1, for a seven-year term.

Dodge, who finishes his seven-year term at the end of the year, had previously announced he would retire in January.

A native of Fort Smith, Northwest Territories, Carney received a bachelor’s degree in economics from Harvard University in 1988. He received a master’s degree in economics in 1993, and a doctorate in economics in 1995, both from Oxford University.

Prior to joining the public service, Carney had a thirteen-year career with Goldman Sachs, eventually becoming a managing director of the firm.

Carney was Deputy Governor of the Bank of Canada from August 2003 until his appointment as senior associate deputy minister of finance in November 2004.

In addition to his domestic responsibilities in the Department of Finance, he also served as Canada’s Finance Deputy at the G-7, G-20 and the Financial Stability Forum.