OTTAWA, Aug 25 Reuters The Bank of Canada is revamping its fourth deputy governor role in an effort to bring fresh and diverse perspectives to its governing council, seeking out an external candidate to help set monetary policy on a parttime basis.

The new deputy governor will join the Bank of Canada39;s sixperson governing council, which is responsible for setting interest rates.

The central bank on Thursday launched the process to find a replacement for Deputy Governor Timothy Lane, whose Sept. 16 retirement was announced in June. The Bank of Canada did not give a timeframe for finding a new hire.

The new deputy governor will be hired on a twoyear contract, with an option for a third, and will work 5070 of fulltime hours, the bank said. Lane, by contrast, worked fulltime for the central bank in the role for more than 12 years.

The change comes as the central bank is facing rising public criticism after it misjudged inflation and was seen as having acted too slowly to respond to fastrising prices, forcing it to then hike interest rates sharply to catch up.

In a context of increasingly complex and interconnected Canadian and global economies and financial systems, it39;s vital that we as an organization constantly adapt and evolve, Governor Tiff Macklem said in a statement.

This change provides an opportunity … to bring fresh and diverse perspectives into the Bank39;s consensusbased policy decisionmaking framework.

The bank said it conducted a review prior to…