The Bank of Canada’s top deputy Carolyn Wilkins said Thursday she won’t be seeking a second term, four months after she was passed over for the role of governor.

Wilkins informed the board of directors she won’t seek another term, the central bank said in a statement. Her current term ends on May 1, 2021, and the board will begin a search for her successor.

Wilkins had been considered one of the frontrunners to replace Stephen Poloz when his term ended in June. Instead, Tiff Macklem was tapped for the post, the fourth consecutive time the top deputy at the central bank failed to win the promotion.

“It has been a great honour and privilege to serve Canadians in this role, and throughout my 20 years at the Bank,” Wilkins said in the statement. “My time at the Bank has been the most fulfilling period of my career -– a testament to the many dedicated and talented colleagues, both at home and abroad, that I have been fortunate to work with.”

Wilkins started her career at the bank in 2001, rising through the ranks to senior deputy governor under Poloz. In the release, Wilkins thanked the bank’s board of directors, Macklem and Poloz for the confidence they showed her over the years.

“Building and carrying out a shared vision for the Bank with Governor Poloz has been a professional highlight,” she said. “I’ve also enjoyed working closely again with Governor Macklem. The Bank is in good hands.”