(May 5 – 10:50ET) – The board of directors of the Bank of Canada will begin a search, both inside and outside the bank, for a replacement for Gordon Thiessen, who announced yesterday he will be stepping down as governor at the end of his seven-year term on Jan. 31, 2001.
Malcolm Knight, who was named senior deputy governor of the central bank a year ago, is widely thought to be the most likely successor to Thiessen. The bank has a history of promoting insiders to the top job. Knight, a 56-year-old economist and native of Windsor, Ont., was previously a senior official at the International Monetary Fund in Washington, D.C.
Finance Minister Paul Martin said yesterday he had tried to talk Thiessen into staying on for a second term: “I regret very much his decision to not seek a renewal of his mandate … but, at the same time, I want to thank him for all that he has done as governor.”
Martin added that the continuity of central bank policies will not be affected by the search process.
-IE Staff