Payments Canada announces board chair transition
Structured transition period begins as Garry Foster nears completion of five-year term as Payments Canada’s board chair, Kevan Cowan prepares to succeed role.
After nine years of dedicated service to Payments Canada’s Board of Directors, including five years as Chair, Garry Foster will conclude his board term on June 17, 2026. Following a deliberate and strategic selection process, the board has appointed Kevan Cowan as the incoming Chair. Garry Foster will continue to lead the board through the remainder of his term and Kevan Cowan will serve as Chair-elect until officially assuming the role following the Annual Meeting of Members on June 17, 2026. To ensure leadership continuity and safeguard the momentum of strategic priorities — including the delivery of the Real-Time Rail (RTR) — a structured transition period has been established to facilitate a thorough transfer of responsibilities between the outgoing and incoming chairs.
“Garry has successfully led the organization through major changes, providing steady leadership during a period of significant transformation,” said Susan E. Hawkins, President and CEO of Payments Canada. “His contributions have been instrumental in shaping the strategic direction of Payments Canada, and his legacy will be felt for years to come.”
Garry Foster’s chapter as chair has been defined by sustained structural renewal. His appointment to the role in 2021 came at a time when a global pandemic was drastically reshaping the payment landscape, fuelling a necessity to innovate.
“It has been an honour to lead the organization during such a transformational time for payments. The progress we’ve made on modernizing our national critical payment infrastructure has paved the way for Canada’s long-term economic prosperity,” said Garry Foster. “Our incoming chair, along with the rest of our expert board members, will continue to prioritize our payment sovereignty, ensuring that Canada remains a leader in the changing geopolitical landscape.”
Under Garry’s oversight, Payments Canada fundamentally redefined the nation’s payment infrastructure, building on the safe and secure operation of legacy systems to deliver a modernized foundation that ensures Canada’s global competitiveness. Garry supported critical enhancements to our core systems that enabled smarter, faster payments, including the implementation of Lynx, Canada’s high-value payment system, and its full adoption of the ISO 20022 messaging standard. He provided the mandate to re-establish momentum on Canada’s Real-Time Rail project, which has since progressed into the comprehensive testing and participant onboarding phase, ensuring alignment with regulators, with delivery partners and members.
A champion of a ‘Team Canada’ approach to payments, Garry cultivated a stakeholder strategy to unify a diverse ecosystem under a shared vision: to work together to deliver modern payments for Canada. He led the organization through a strategic evolution to strengthen oversight, agility and alignment in response to the rapidly changing payment environment. His determined advocacy played a key role in the broadening of Payments Canada’s membership through amendments to the Canadian Payments Act, promoting a more inclusive, competitive and innovative Canadian payment ecosystem.
Payments Canada thanks Garry for his leadership and dedication to bringing the benefits of modern payments to everyone in Canada.
Succeeding Garry in this role is Kevan Cowan, who has been elected as the new board chair and will assume the role following the Annual Meeting of Members on June 17, 2026. To ensure leadership continuity, knowledge transfer and protect the momentum of Payments Canada's strategic priorities, there will be a structured Chair transition period from now until June.
About Kevan Cowan
Kevan has served on the Payments Canada board as an independent director since 2024. He is an active member of the board’s Governance and Nominating Committee, Human Resources and Compensation Committee and the Risk Committee, which he currently chairs. Kevan has broad experience in capital and financial markets, including leadership positions through periods of extensive change and transformation. Kevan has served on many boards, including the board of the Ontario Securities Commission (of which he is current Chair), the Toronto Financial Services Alliance / Toronto Finance International (including as Chair) and the Investment Industry Regulatory Organization of Canada (now CIRO). Kevan is a past President of the Toronto Stock Exchange and of the TSX Venture Exchange.
As incoming board chair, Kevan will lead the board in governing Payments Canada’s affairs with a focus on strategic and policy matters, a function critical to the success of Canada’s payment systems and the broader economy. The board will continue to benefit from Kevan’s expertise and insights as he assumes these expanded responsibilities.
