The federal Finance Department looked outside the Bank of Canada for its next governor, appointing the president and CEO of Export Development Canada (EDC), Stephen Poloz, as the Bank’s new chief.

Finance minister Jim Flaherty announced on Thursday that Poloz will be appointed governor of the central bank for a seven-year term, starting June 3. He replaces outgoing governor, Mark Carney, who is taking over as governor of the Bank of England.

Poloz is returning to the Bank where he spent 14 years, starting in 1981. He held a series of increasingly senior positions at the central bank, culminating in an appointment as chief of the its research department in 1992. After that, he spent five years with Montreal-based BCA Research, before joining EDC in 1999 as vice president and chief economist. He has been president and CEO of EDC since 2011.

A native of Oshawa, Poloz graduated from Queen’s University in 1978 with a bachelor’s degree in economics. He received a master’s in economics in 1979, and a PhD in 1982, both from the University of Western Ontario.

“Stephen Poloz has a long and distinguished career in the public and private sectors with 30 years experience in financial markets, forecasting and economic policy,” said Flaherty. “I am confident he has the skills and experience required to lead the Bank of Canada at a time of global economic uncertainty.”

“After pursuing an exhaustive domestic and international search to find the best candidate for this important and challenging role, the board ultimately found such an individual in Stephen Poloz,” said David Laidley, chair of the Bank of Canada’s special committee of the board of directors, which sought Carney’s replacement.

“Mr. Poloz has significant knowledge of financial markets and monetary policy issues and extensive management experience. We are confident Mr. Poloz will make an outstanding contribution to the work of the Bank and uphold its reputation as a leading central bank,” he said.

Commenting on his appointment, Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC), issued a statement of congratulations on behalf of the investment industry.

“With 30 years of public- and private-sector experience in financial markets, forecasting and economic policy, Mr. Poloz understands the critical role that the investment industry plays in the day-to-day lives of individual investors and Canadian businesses. We look forward to meeting with him at the earliest opportunity to discuss the ongoing challenges facing capital markets,” he said.