(Photo: CGTN)

OTTAWA, May 1 (Xinhua) -- Tiff Macklem, dean of the University of Toronto's business school, was appointed the governor of the Bank of Canada on Friday.

At a press conference in Ottawa Friday morning, Canadian Finance Minister Bill Morneau announced Macklem's appointment, saying that Macklem brings a deep knowledge of and expertise in financial markets and will serve the central bank well.

Macklem, who once worked as the senior deputy governor of the Bank of Canada, will take over the top position of the Canadian central bank in early June when current Governor Stephen Poloz ends his seven-year term.

Macklem began his career at the central bank in 1984. He was reportedly expected to win the contest for bank governor in 2013, but was defeated by Poloz, who was then CEO of Export Development Canada.