CMHC names its new CEO

The Canada Mortgage and Housing Corp. has chosen Romy Bowers to succeed Evan Siddall as its chief executive next month.

Previously a managing director at Bank of Montreal, Bowers has been with the federal housing agency since 2015 and was most recently its senior vicepresident of client solutions.

CMHC said Tuesday that Bowers will succeed Siddall, who became known for his criticism of the real estate industry and his focus on housing affordability after he was appointed CEO in 2014.

His term was extended in 2018, but last January he announced he was looking to depart the agency and the search for his replacement began.

Bowers is set to begin her five-year term as CEO on April 6.

She takes on the role as the COVID-19 pandemic continues its spread in Canada and interest rates remain low, propping up home sales and prices in several markets.

“I am excited to work closely with my colleagues across the corporation to help us continue to pursue our housing affordability aspiration,” she said in a statement.

“I look forward to the new challenges and opportunities for learning and growth that lie ahead for me and I know I can count on the support of everyone at CMHC as we continue to work toward our 2030 goal.”

Bowers joined CMHC after spending 12 years working in treasury operations and risk management roles at the Bank of Montreal.

She initially served as CMHC’s risk officer, but her LinkedIn profile shows she moved up to chief commercial officer in 2018 and a senior vicepresident role a year later.