(Ottawa) Canada Mortgage and Housing Corporation (CMHC) President and CEO Romy Bowers announced her resignation on Friday. Federal Housing Minister Sean Fraser said the agency was currently looking for a new CEO.
Mr Fraser points out in a press release that MrMe Bowers will leave her position in December to serve as director of the Office of Risk Management at the International Monetary Fund.
She became an officer of the CMHC in April 2021. Before that, she was the agency’s risk director.
The government says Michel Tremblay, CMHC’s chief financial officer, will take on the role of interim CEO until an “open, transparent and merit-based” selection process can be conducted 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 Authority comes as the administration works to select people for various positions on the CMHC board.
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