Bank of Canada senior deputy minister Tiff Macklem has announced he will leave the central bank in the spring.

Macklem, who began his career at the bank in 1984, was widely expected to win the contest for bank governor last June but was beaten out by Stephen Poloz.

His term as second in command at the bank would have kept him in the position until 2017.

An announcement from the bank said Macklem will become the dean of the Rotman School of Management at the University of Toronto.

Macklem will start a five-year term in his new job on July 1.