(Ottawa) The president and CEO of the Canada Mortgage and Housing Corporation (CMHC), Romy Bowers, announced her resignation on Friday. In doing so, Federal Housing Minister Sean Fraser said a search was underway for a new CEO of the agency.
Mr. Fraser indicates, in a press release, that Mr.me Bowers will leave her role in December to serve as director of the Office of Risk Management at the International Monetary Fund.
She became an officer of CMHC in April 2021. Before that, she was director of risk at the agency.
The government says Michel Tremblay, CMHC’s chief financial officer, will assume the role of interim CEO until it can conduct an “open, transparent and merit-based” selection process to find a replacement for Mr.me Bowers.
His departure comes as Canada’s housing crisis deepens under the weight of high interest rates, inflation and a deep mismatch between supply and demand.
The search for a new leader for the federal housing agency comes as the government works to select people for various positions on CMHC’s board of directors.