David Dodge leaving FEB '08

News: Welcome to the Canadian Paper Money Forum.

Bank of Canada Governor Dodge won't seek 2nd term

25/04/07

OTTAWA (Reuters) - Bank of Canada Governor David Dodge will not seek a second seven-year term, the bank announced on Wednesday.

Dodge's mandate ends on February 1, 2008. The governor, 63, said late last month he would be talking to the bank's board of directors in June to discuss the issue of succession.

"Governor David Dodge has informed the Bank of Canada's board of directors and the minister of finance that he will not seek a second term as governor," the bank said in a statement.

"While Governor Dodge's term continues until January 31, 2008, he indicated he is making his plans known well in advance to facilitate the selection and appointment of his successor."

The bank's board will soon form a special committee of independent directors to help recruit Dodge's successor. The committee is expected to complete the process by the fall, the bank said in a statement.

The appointment must be approved by the finance minister and the cabinet.

Dodge, a pipe-smoking Princeton University alumnus renowned for his gravely voice, is highly respected internationally and has been an outspoken proponent of reform of the International Monetary Fund.

He was Canada's deputy minister of finance and then deputy minister of health before being appointed to the top job at the Bank of Canada in 2001.

Excellent.........I guess we should start planning for a signature changeover in early 2008.

Very Nice ,

Hopefully it will be close to the year changeover or be at the same time.

Wouldn't that be Fantastic!

Based on past signature changeovers, we probably won't see notes with the new governor's signature until sometime later in 2008. Paul Jenkins became senior deputy governor in May 2003 but notes with his signature didn't appear til March 2004 when the Journey 100s came out.

I am not familiar with the circumstances surrounding Paul Jenkins appointment.  Is it possible that the
delay in the signature changeover was due to the fact that limited notice was given of this transition
and the choosing of a successor to Jenkins ?

David Dodge has given the BoC almost 9 months for succession planning, this may result in an earlier
release of signature changeover notes in this case.  But then again it may also depend on the naming
of a successor within a reasonable timeframe before his departure.

Here's the official notice from the BoC.

Bank of Canada Governor David Dodge will not seek second term

OTTAWA – Governor David Dodge has informed the Bank of Canada's Board of Directors and the Minister of Finance that he will not seek a second term as Governor.

While Governor Dodge's term continues until 31 January 2008, he indicated he is making his plans known well in advance to facilitate the selection and appointment of his successor.

The Board of Directors will shortly form a Special Committee comprised of the independent directors whose mandate is to undertake a recruitment process for the selection of a Governor. Governors of the Bank of Canada are appointed by the independent directors, subject to the approval of the Minister of Finance and the federal Cabinet. The selection process is expected to be completed by the Fall.

Mr. Dodge became Governor of the Bank of Canada in February 2001, following many years in the federal public service, including positions as Deputy Minister of Finance and Deputy Minister of Health.