The Governor of the Bank of Canada is chief executive officer and the chairman of the board of directors of the Bank of Canada; the incumbent governor is Stephen S. Poloz, who assumed the office on June 3, 2013. Poloz was formerly the head of Export Development Canada. The Governor and Deputy Governor shall be appointed by the directors with the approval of the Governor in Council. [See Bank of Canada Act 1985, Section 6 (1) http://laws-lois.justice.gc.ca/eng/acts/b-2/FullText.html]