Ottawa (Rajeev Sharma): The Bank of Canada announced on Monday, March 23, 2026, that Deputy Governors Toni Gravelle and Sharon Kozicki will be departing from their roles later this year. The central bank confirmed that both veteran policymakers have decided to retire after distinguished careers in public service and central banking. Toni Gravelle, who has overseen the Bank’s financial markets activities, will retire effective July 31, 2026. Sharon Kozicki, a key figure in monetary policy design and the first woman appointed as a Deputy Governor in over six years when she joined the Governing Council in 2021, will step down on December 31, 2026.
The departures mark a significant transition for Governor Tiff Macklem’s leadership team as Gravelle and Kozicki have been instrumental in navigating the Canadian economy through the post-pandemic recovery and recent inflationary pressures. The Bank’s Board of Directors has already initiated a search process to fill the upcoming vacancies, which will include an open search for both internal and external candidates to increase diversity and bring in fresh perspectives. Governor Tiff Macklem praised the departing officials, stating that their contributions to consensus-based decision-making have been invaluable and they leave behind a stronger, more resilient institution. Following these departures, the Governing Council will continue its work with remaining members, including Senior Deputy Governor Carolyn Rogers and Deputy Governors Rhys Mendes and Nicolas Vincent.
