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Peter Routledge, the current head of the Canada Deposit Insurance Corp. (CDIC), will soon take the reins at the federal banking regulator, the Office of the Superintendent of Financial Institutions (OSFI).

Deputy prime minister and finance minister, Chrystia Freeland, announced today that Routledge has been appointed as the next Superintendent of Financial Institutions, effective June 29.

Routledge, who has been president and CEO of the CDIC since 2018, replaces Jeremy Rudin, who announced last year that he planned to retire when his term as head of OSFI expires.

Prior to joining the CDIC, Routledge was a senior advisor with the Finance Department. Before that he worked as a research analyst with National Bank Financial (NBF) and Moody’s Investors Service, covering the financial sector.

“I am very pleased that Peter Routledge is taking on this key position tasked with overseeing and regulating our banks and financial sector,” Freeland said in a statement.

“He has distinguished himself in both the public and private sectors and I know his leadership and eye for innovation will be of immense value, particularly as we navigate the end of the Covid crisis and Canada‚Äôs economic recovery,” she added.