The Canada Mortgage and Housing Corporation (CMHC) announced it has chosen Romy Bowers to succeed Evan Siddall as its chief executive officer next month.

Bowers joined CMHC in 2015 after a diverse career in the Canadian banking industry, including 12 years with the Bank of Montreal, where she gained extensive experience in treasury operations and risk management.

Initially appointed Chief Risk Officer, she also served as CMHC’s Chief Commercial Officer before taking on her current role of Senior Vice-President of Client Solutions.

READ: CMHC Changes Course, No Longer Predicts Grim Market Outcome

CMHC said Tuesday that Bowers will succeed Siddall, who ran Canada’s main housing finance agency for the past six years.

Siddall's term was extended in 2018, but last January he announced he was looking to leave the agency and the search for his replacement began.

"I’ve often said that this has been the best job I’ve ever had and I am grateful to have had the opportunity to help transform CMHC into an institution Canadians can admire. Romy is an outstanding choice to succeed me as CEO and I wish her great success," said Siddall.

Bowers takes on the role as the COVID-19 pandemic continues in Canada and lower household spending and increased savings coupled with pent-up demand and low mortgage rates have helped fuel housing markets in a number of major Canadian cities.

“I believe that my tenure with CMHC has allowed me to fully understand our business and our culture and I am excited to work closely with my colleagues across the company to help us continue to pursue our housing affordability aspiration," said Bowers.

"I look forward to pursuing the remarkable work initiated by Evan and I want to thank him for his guidance and for helping me achieve this tremendous opportunity.”

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

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