The Bank of Canada (BoC) said on Friday it has picked longtime central bank executive Rhys Mendes as its new deputy governor, making him the first person of color to that role.
Mendes, who will start in the role on July 17, will fill a vacancy created by the departure of Paul Beaudry, and will join the six-member interest-rate-setting governing council.
Mendes, who joined the bank in 2004, has been on secondment to Canada's Finance Ministry since 2021, serving as assistant deputy minister. The Bank of Canada is seeking to diversify its workforce and told staff in a memo in 2020 that it planned to double the number of senior officers who are visible minorities by 2030, and increase the number of women in those roles by 45% in the same period.
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