Mr. Gaetz joins the CPA following a distinguished career of progressive and varied executive leadership at the Bank of Canada. Since 2008 Mr. Gaetz has been Chief, Currency, responsible for the Bank's Currency function, including the development and launch of Canada's new banknote series, as well as retail payments-related economic research. Previously, he held positions of Chief, Banking Operations where he was responsible for domestic and international banking operations and funds management, and Chief of Corporate Services where he was responsible for the Bank's Finance, Information Technology, Human Resources and Security functions.

Janet Cosier, Chair of the CPA Board of Directors, said: "We are delighted to welcome an individual of Gerry's experience, talent and ability to the Canadian Payments Association. Gerry brings to the CPA deep knowledge of the design and operation of Canada's financial infrastructure, as well as a track record of demonstrated success as an organizational leader and manager. His experience with banking systems both in Canada and internationally will be a major asset to the CPA, and our work as operator of Canada's national clearing and settlement systems. Gerry has a proven ability to cultivate productive and collaborative relationships, and under his leadership and vision the CPA will work to better deliver on our mandate and serve our members and stakeholders."

Said Mr. Gaetz: "Canada's financial system and its payments system are globally recognized for their stability, soundness, and efficiency. I am delighted to be joining the Canadian Payments Association at a time of change and opportunity in the payments industry, and I look forward to working with the CPA leadership team and staff, our members and stakeholders to build on the CPA's and Canada's strong reputation."

The appointment of Mr. Gaetz is the result of a comprehensive search process undertaken over a number of months. Mr. Gaetz replaces Ken Casey who joined the CPA as Interim President and CEO at the request of the Board of Directors in July 2012.

Mr. Casey will continue to serve as Interim President and CEO until March 30th, 2013. The Board of Directors thanks Mr. Casey for his leadership and service to the CPA, and wishes him well in his continued retirement.