Minister of Finance Jim Flaherty nominated Bryan Davies, former CEO and superintendent of the Financial Services Commission of Ontario, to the position of chairman of the Canada Deposit Insurance Corp. on Thursday.

Davies was CEO and superintendent of FSCO from 2002 to 2005. Before then, he was a senior executive of a major financial institution. Davies also held a number of senior positions in the Government of Ontario, including deputy treasurer and deputy minister of economics, and was vice president of business affairs and chief administrative officer at the University of Toronto.

“I am delighted to recommend Mr. Davies for the position,” Minister Flaherty said. “He has in-depth financial sector experience in both the public and private sectors. His extensive experience in the financial sector will serve CDIC very well in the coming years.”

The recommendation will be referred to the House of Commons Standing Committee on Finance for review.

CDIC is a federal Crown corporation established in 1967 to provide deposit insurance.