CMHC Seeks CEO With Risk Management Experience

By Andrew Mayeda, Bloomberg

Canada’s housing agency said it’s seeking a president and chief executive officer with risk management experience to oversee its C$563 billion ($544 billion) mortgage insurance portfolio.

The next CEO should have “knowledge of the financial management requirements, particularly risk management, of a large financial services organization,” Canada Mortgage & Housing Corp. said today in an advertisement in the Globe and Mail newspaper.

Finance Minister Jim Flaherty said last month the Office of the Superintendent of Financial Institutions will continue to monitor CMHC “very closely,” because it must operate like the country’s largest lenders. The government-backed agency, which had C$563 billion of insurance in force at the end of March, covers most Canadian mortgages and helps commercial lenders securitize home loans.

The new appointee should be a “dynamic and visionary” executive who preferably speaks English and French and has knowledge of the role of housing and financial markets in macroeconomic policy and CMHC’s activities, the agency said.

Karen Kinsley said last month she wouldn’t seek another term as CEO after her term ends June 17. Robert Kelly, former Bank of New York Mellon Corp. CEO, was named CMHC’s chairman last week in the government’s latest move to bolster oversight of the federal agency.

CMHC said separately today that Douglas Stewart, its vice president of regional operations and assisted housing, will serve as interim president and CEO.