OTTAWA - July 18, 2018 - The Canada Deposit Insurance Corporation (CDIC) today welcomed the announcement that Dean Cosman has been appointed its President and Chief Executive Officer (CEO).
The appointment is for a period of six months or until the government CEO recruitment process is completed, whichever occurs first.
Mr. Cosman first joined CDIC in 1995 and brings more than 20 years of experience with Crown corporations to this position, most recently as its senior Vice-President, Insurance and Risk Assessment.
“I am honoured to have the opportunity to lead CDIC, which is so important to the financial security of Canadians,” said Mr. Cosman.
Mr. Cosman replaces Michèle Bourque, who retired recently after eight years as President and CEO of CDIC.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits.
As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits.
We are funded by premiums paid by member institutions and do not receive public funds to operate. We have dealt with 43 member failures affecting some 2 million Canadians. No one has lost a dollar of deposits under CDIC protection.
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Director, Communications and Public Affairs