Romy Bowers, President and Chief Executive Officer of the Canada Mortgage and Housing Corporation (CMHC), has announced her resignation from the national housing agency.
Bowers, who has held the position since April 2021, will step down in December 2023 to assume a new role as the head of the Office of Risk Management at the International Monetary Fund (IMF) in January 2024, based in Washington, DC.
In her absence, CMHC’s chief financial officer, Michel Tremblay, will serve as the interim CEO. The government plans to initiate an “open, transparent, and merit-based” selection process to identify Bowers’ replacement.
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“The Board will be actively engaged with the Government of Canada in the process of identifying the CMHC’s next leader, and is fully committed to ensuring a smooth and seamless transition during this period,” said Derek Ballantyne, Chair of the CMHC Board of Directors.
This transition occurs amid a growing housing affordability crisis in Canada, influenced by factors such as high interest rates, inflation, and a substantial gap between housing supply and demand.
Additionally, the government is actively seeking candidates to fill various positions on the CMHC board of directors. The change in leadership at CMHC comes at a critical time, as the nation grapples with the complex challenges of housing affordability and the need for effective policy solutions.
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