Bank of Canada says Mendes leaving central bank, Kozicki to retire

Bank of Canada deputy governor Rhys Mendes listens to counsel speak during the Public Order Emergency Commission, in Ottawa, Thursday, Nov. 17, 2022. THE CANADIAN PRESS/Adrian Wyld

OTTAWA — The Bank of Canada says deputy governor Rhys Mendes is leaving his post at the central bank, while deputy governor Sharon Kozicki will retire later this year.

The bank says Mendes, who was appointed a deputy governor in 2023, will step down on April 10 and plans to move to Toronto with his family.

He has been responsible for the bank’s analysis of international economic developments and serving as the bank’s G7 and G20 deputy.

Kozicki, who joined the bank in 2006 and was appointed deputy governor in 2021, will retire on July 15.

She has been responsible for overseeing the analysis of domestic economic developments at the bank.

Mendes and Kozicki are both members of the bank’s governing council which is responsible for the day-to-day conduct of monetary policy. The Bank of Canada says it will undertake an internal recruitment process to fill the positions.

This report by The Canadian Press was first published March 23, 2026.

The Canadian Press