Stephen Poloz will replace Mark Carney, who is stepping down on June 1.

Tiff Macklem is currently Carney’s right-hand man as the Senior Deputy Governor at the BOC and was widely seen as the favorite but he was passed over. Poloz was seen as the second-most-likely candidate and has been the head of Export Development Canada (a government finance agency) for the past two years.

Some bio:

Mr. Poloz joined Export Development Canada in 1999, serving as chief economist. He took on an additional role, senior vice-president, corporate affairs, in 2004. In 2008, he was promoted again to senior vice-president, financing. Prior to joining EDC, Mr. Poloz spent three years with BCA Research in Montreal and 14 years with the Bank of Canada. He has a PhD in economics from the University of Western Ontario.

The market firmly sees the Bank of Canada on hold for the next 12 months.

Stephen Poloz named new Bank of Canada governor May 2, 2013

Stephen Poloz