(Montreal) Yves Ouellet, currently the first civil servant of the Quebec State, will take charge of the Autorité des marchés financiers (AMF) as president and CEO. He will take office on August 21.

His appointment was approved by the Council of Ministers on Wednesday, on the recommendation of the AMF’s board of directors. The new CEO will thus succeed Louis Morisset who announced at the start of the year that he did not want to seek a third term.

“This organization plays a major role for consumers and the Quebec financial industry, which also occupies a significant part of our economy,” Ouellet said in a statement.

“I intend to continue the remarkable work of the Authority by relying on the expertise and sense of commitment of the teams. In an industry in full transformation, many challenges await the Authority in the coming years,” he added.

Mr. Ouellet has held the position of Secretary General and Clerk of the Executive Council since October 2018. These functions will be taken over by Dominique Savoie who is currently the right arm of the Minister of Health, Christian Dubé.

The Secretary General represents the highest position in the Quebec public service and acts as the hierarchical superior of all government deputy ministers.

Prior to assuming these responsibilities, Mr. Ouellet notably served as Secretary of the Treasury Board and President and CEO of the Société québécoise des infrastructures. He also previously held various positions within the Quebec public administration.

“His in-depth knowledge of the machinery of government, the economy and public finances as well as his great qualities as a manager will be invaluable assets for the Authority”, underlined the Minister of Finance, Eric Girard, in a press release.

Until Mr. Ouellet takes office, Marie-Claude Soucy will act as interim CEO of Quebec’s financial sector regulatory and oversight body. Ms. Soucy is Vice President of Finance, Talent and Technology at the AMF, where she has worked for nearly eight years.