Bank of Canada Announces Deputy Governor Departures and Retirements

Canada Bank of Canada News

Published March 23rd, 2026

Detected March 24th, 2026

Summary

The Bank of Canada announced that Deputy Governor Rhys Mendes will depart on April 10, 2026, and Deputy Governor Sharon Kozicki will retire on July 15, 2026. The Bank will initiate an internal recruitment process to fill these senior leadership positions.

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What changed

The Bank of Canada has announced personnel changes within its Governing Council. Deputy Governor Rhys Mendes will depart on April 10, 2026, to relocate his family, and Deputy Governor Sharon Kozicki will retire on July 15, 2026, following a distinguished career. Both individuals held significant responsibilities, with Mr. Mendes overseeing international economic analysis and G7/G20 engagement, and Ms. Kozicki leading domestic economic analysis.

These changes are administrative and do not impose new regulatory obligations on external entities. The Bank of Canada will conduct an internal recruitment process to identify successors for these roles. Compliance officers should note these leadership transitions as part of their ongoing monitoring of central bank activities, though no immediate action is required.

Source document (simplified)

Changes to Bank of Canada Governing Council

FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario March 23, 2026 The Bank of Canada announced today the departure of Deputy Governor Rhys Mendes on April 10, and the retirement of Deputy Governor Sharon Kozicki on July 15.

Mr. Mendes will be leaving his post to relocate to Toronto with his family. He was appointed Deputy Governor in 2023, with responsibility for overseeing the Bank’s analysis of international economic developments and serving as the Bank’s G7 and G20 Deputy. Prior to his appointment as Deputy Governor, Mr. Mendes served as Assistant Deputy Minister for Economic Policy at the Department of Finance. He previously held senior positions leading the Bank’s analysis of global economic conditions and international policy issues as well as critical work for the Bank’s 2021 renewal of the inflation-targeting agreement with the Government of Canada.

Governor Macklem praised Mr. Mendes for his contributions to the Bank’s work, noting: “The Bank has greatly benefited from Rhys’s leadership and expertise on the global stage. Rhys has been instrumental in shaping the policy agenda for Canada’s G7 Presidency last year, and for strengthening cooperation among central banks in support of economic welfare and financial stability domestically and abroad. This work has initiated changes that will continue to influence policy in the years ahead.”

Ms. Kozicki has announced her retirement following a long and fruitful career at the Bank of Canada and in the US Federal Reserve System. She joined the Bank in 2006 and was appointed Deputy Governor of the Bank in 2021. As Deputy Governor, she was responsible for overseeing the analysis of domestic economic developments. Over the years, she has held various senior leadership positions where she led research and analysis on the economy, inflation, and the transmission channels of domestic and international monetary policies.

Governor Macklem commended Ms. Kozicki for her lasting contributions to policymaking and research during challenging periods for Canada. “I thank Sharon for her exceptional service and unwavering commitment to rigorous policymaking that brings research, analysis and policy together. Sharon’s keen insights and wealth of knowledge have been invaluable in navigating the challenges facing monetary policy amid the pandemic fallout, rising geopolitical tensions and shifting global trade dynamics.”

The Bank will undertake an internal recruitment process to fill these positions.

Content Type(s): Press, Press releases