The Board of Directors of the Bank of Canada today announced the appointment of Sharon Kozicki as Deputy Governor, effective August 2, 2021.

As Deputy Governor, Ms. Kozicki will join the Bank’s Governing Council, which sets the strategic direction of the Bank and is its policy-making body. This appointment brings the number of Governing Council members back up to six, its usual size. Once Carolyn Rogers, the Bank’s new Senior Deputy Governor, assumes her duties in December 2021, the Bank’s Governing Council will temporarily consist of seven people. This will allow for a broader diversity of views and analysis and will allow for smooth succession in the event of future retirements.

“I am very pleased to welcome Sharon Kozicki to Governing Council. The Bank has long benefitted from Sharon’s thought leadership on monetary policy design, implementation and communication,” said Governor Tiff Macklem. “Her intellect and expertise will make an important contribution to our Governing Council deliberations and help ensure we take decisions based on diverse perspectives to fulfil the Bank’s mandate now, and in the future.” 

Until Ms. Rogers’ arrival at the Bank in December, Ms. Kozicki will share responsibility for overseeing the Bank’s financial system activities with Deputy Governor Toni Gravelle. Since August 2013, Ms. Kozicki has been Advisor to the Governor and Secretary to Governing Council, helping to guide the Bank’s outlook for the Canadian economy and overseeing production of the quarterly Monetary Policy Report. In 2016, she led the Bank’s work on reviewing the monetary policy framework ahead of the 2016 renewal of the inflation-targeting agreement with the Government of Canada.

Her earlier roles at the Bank included Managing Director of the Bank’s Canadian Economic Analysis Department and Deputy Managing Director of the International Economic Analysis Department. Before joining the Bank in 2006, Ms. Kozicki was an economist with the Board of Governors of the Federal Reserve System in Washington, DC, and later Vice President and Economist at the Federal Reserve Bank of Kansas City.

Born in Ottawa, Ms. Kozicki obtained a bachelor of science degree and a master’s degree in economics at the University of Toronto and a PhD from the University of California San Diego.