Bloomberg News

Macklem Should Lead Bank of Canada Omers CEO Nobrega Says

February 22, 2013

Ontario Municipal Employees Retirement System Chief Executive Officer Michael Nobrega said Tiff Macklem should replace Mark Carney as head of the Bank of Canada.

Nobrega said he doesn’t know any external candidates who would do a better job than Macklem, who as senior deputy governor is the No. 2 executive at the Bank of Canada. Carney is leaving the post on June 1 to run the Bank of England.

“I can’t think of anyone outside of the central banker right now that would qualify for that position,” said Nobrega, speaking to reporters today in Toronto. Macklem is “highly qualified, I listen to him,” said the head of the province’s second-largest pension fund, known as Omers.

While Macklem, 51, has been the near unanimous choice of economists and analysts asked about the appointment, the previous two selections passed over the senior deputies who had been seen as favorites.

The 12 outside directors on the bank’s board started the job search last month, placing an advertisement in newspapers. In a Jan. 17 statement, Finance Minister Jim Flaherty said he will be directly involved in the selection of Carney’s replacement. The directors and government are looking at a broad pool of candidates beyond internal choices, a person with knowledge of the process told Bloomberg News last month.

To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net; Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net


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