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Romy Bowers has announced her decision to step down as president and CEO of the Canada Mortgage and Housing Corporation (CMHC) in December  for the International Monetary Fund (IMF), where she will take on the role of director of the Office of Risk Management.

Bowers joined CMHC in 2015 as the agency’s chief risk manager and took on the chief executive duties in 2020. Prior to the CMHC, Bowers was managing director and head of U.S. operational risk management at the Bank of Montreal (BMO) Financial Group; she held other senior positions in finance and risk management during her 15 years at BMO. Among her many managerial successes, she was instrumental in developing and implementing strategic initiatives that enhanced BMO’s enterprise risk management, stress testing, organizational resilience, and operational risk management capabilities.

 At the request of the CMHC board of directors, Michel Tremblay, the agency’s chief financial officer and senior vice president of corporate services, will assume management responsibility until a replacement for Bowers is appointed.

“I would like to thank Ms. Bowers for her unwavering commitment and dedication in her role as president and CEO over the past three years, and congratulate her as she embarks on a new chapter of her distinguished career,” said Sean Fraser, Minister of Housing, Infrastructure and Communities. “I look forward to working closely with the CMHC board and Mr. Tremblay to continue the government’s efforts to deliver on Canada’s housing priorities. Our commitment to improve access to affordable, safe, and inclusive housing options for Canadians remains steadfast.”