The Canada Mortgage and Housing Corporation is seeking a new president and CEO after Romy Bowers resigned to join the International Monetary Fund.

Bowers will become the director of the IMF’s risk management office after leaving her CMHC post in December, federal Housing Minister Sean Fraser announced Friday. Her departure comes as the federal government is seeking ways to offset Canada’s chronic housing shortage, including through numerous multi-family rental projects backed by CMHC.

Michel Tremblay, CMHC’s current CFO and senior vice-president of corporate services, will assume responsibility for the agency’s management on an interim basis until a new president is appointed by the governor in council.

“I look forward to working closely with the CMHC board and Mr. Tremblay to continue the government’s efforts to deliver on Canada’s housing priorities,” said Fraser in a news release.

Ottawa will soon launch a formal search process for Bowers’ replacement. A search is already underway for various CMHC board members.