Minister Morneau Announces Appointment of New President and CEO of the Canada Deposit Insurance Corporation

From: Department of Finance Canada

News release

October 19, 2018 – Ottawa, Ontario – Department of Finance Canada

The Government of Canada is committed to appointing highly qualified candidates able to best serve the interests of Canadians. It conducts open, transparent and merit-based selection processes for all Governor-in-Council appointments.

In keeping with this commitment, Finance Minister Bill Morneau today announced the appointment of Peter Routledge as President and Chief Executive Officer of the Canada Deposit Insurance Corporation (CDIC). His appointment is for a term of 5 years.

Mr. Routledge has more than 20 years of experience in the banking, financial and public sectors, and brings a wealth of knowledge and leadership to his new role. Details about his experience can be found in his biography below.

Biographical Notes

Peter Routledge joined the Department of Finance Canada in February 2017 as a Senior Advisor focused on financial sector policy issues. In this capacity, he has provided advice on issues such as financial stability, housing finance, payment systems, consumer protection, competition in Canadian financial services, and Canada's debt management and foreign reserves programs.

Prior to joining the public service, Mr. Routledge worked for 20 years in the financial services industry, both in Canada and abroad. He served as managing director of research at National Bank Financial, where he led a team responsible for producing equity, fixed income, and derivatives research on Canadian financial institutions. Prior to that, Mr. Routledge led the Canadian Financial Institutions Group at Moody's Canada, with responsibilities for covering issuers in the banking, life insurance, personal and commercial insurance and reinsurance industries in Canada and the United States.

Mr. Routledge holds an MBA from INSEAD in France, and a bachelor's degree in business and economics from Simon Fraser University.

Quotes

"CDIC plays an important role in safeguarding public trust and stability in Canada's financial system. With his extensive leadership experience in the financial sector, Mr. Routledge is well suited to lead CDIC. I wish him much success with his new responsibilities, and would like to thank Dean Cosman for serving as the interim President and CEO of CDIC during the last few months."

- Bill Morneau, Minister of Finance

Quick facts

  • The Canada Deposit Insurance Corporation, a federal Crown corporation, contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions.

  • Budget 2018 amended the Canada Deposit Insurance Corporation Act to modernize and enhance the Canadian deposit insurance framework in order to ensure that it continues to meet its objectives. These changes have modernized the scope of deposit insurance coverage so that it: better reflects products offered on the market; addresses the complexity of trust deposits; helps protect depositors; improves Canadians' understanding of insurance coverage; and better supports financial sector stability in Canada. 

  • Following the open, transparent and merit-based selection process for Governor-in-Council appointments, the recommendation of a candidate to be CDIC's President and CEO is made by a selection committee composed of members from Government of Canada central agencies and the CDIC Board of Directors.

Associated links

Contacts

Media may contact:

Pierre-Olivier Herbert 
Press Secretary 
Office of the Minister of Finance
pierre-olivier.herbert@canada.ca 
613-369-5696

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

General Enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

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