BMO Financial Group CEO Bill Downe today announced that Frank Techar is appointed Vice-Chair, BMO Financial Group, effective today; Techar is currently the COO. Darryl White will succeed Techar as COO, BMO Financial Group, according to a release.
During his 22 years with BMO Financial Group (TSX: BMO)(NYSE: BMO), White has held a progression of leadership roles in BMO Capital Markets, serving most recently as Group Head. White possesses a deep understanding of the banking industry, risk management and global markets and has spent his career working directly with customers of the bank. He will continue to maintain close working relationships, at the most senior levels, with the largest clients of the bank. As COO, White will provide strategic leadership for the bank’s Personal, Commercial and Wealth businesses across North America and globally, oversee Marketing and ensure the bank’s technology function delivers strategic capabilities to all these groups.
“Darryl White’s leadership has been steadfast at every juncture of his banking career and his experience will complement the experience of his team as they work to ensure our operating groups are positioned for future success,” noted Downe. “For two decades, he has been directly engaged in global markets and a fast-changing, complex banking environment. This experience will serve him well as he assumes the role of Chief Operating Officer.”
White and Techar will be working closely together in their future roles.
“Frank Techar has been an outstanding COO,” added Downe. “This appointment recognizes his broad and deep experience as a business leader and officer of the bank. “Three years ago, we embarked on a multi-year plan to redefine our businesses on both sides of the border. Frank’s leadership and knowledge of the Midwest market are going to be instrumental as, over time, we grow our businesses and consider expansion opportunities. Continuing to build a highly visible and growing market presence in the U.S. remains a priority.”
In his new role as Vice-Chair, Techar will work to accelerate business growth in all markets, but particularly in the U.S. Midwest, which continues to be a mainstay of the bank’s growth plans. In addition, Patrick Cronin has been appointed Group Head, BMO Capital Markets, effective today, succeeding White. Cronin is currently COO of BMO Capital Markets and previously served as Head of Trading Products. Cronin has excelled in multiple senior leadership positions in one of the most competitive and demanding segments of the banking industry. Downe also announced that, in recognition of the growth experienced by the bank in Wealth Management and its current global reach, the business will now be organized around two distinct growth opportunities: institutional asset management and retail wealth management, with each to be led by a senior leader.
Gilles Ouellette, the current Group Head, Wealth Management, has been appointed Group Head, BMO Asset Management, and Vice-Chair, International, BMO Financial Group. Joanna Rotenberg has been appointed Group Head, BMO Wealth Management. Both appointments are effective November 1, 2016. Rotenberg brings significant and relevant experience to the role of Group Head having served as the bank’s Head of Personal Wealth, Head of Strategy and Chief Marketing Officer in addition to having been a key partner at McKinsey and part of their Wealth Management practice, prior to joining BMO.
Downe confirmed that Cameron Fowler will continue to lead Canadian Personal and Commercial Banking, as Group Head. Fowler is stewarding a significant bank-wide transformation as customers rapidly adopt new ways of transacting. He holds cross-enterprise responsibility for the Banking Partnerships, Payments Systems and Channels that support all four operating groups. There will be no changes in the leadership of the bank’s U.S. personal and commercial banking operations, which will continue to be led by Alexandra Dousmanis-Curtis, Group Head, U.S. Retail and Business Banking, and by David Casper, President and Chief Executive Officer, BMO Harris Bank N.A., and Group Head, Commercial Banking. Consistent with the current operating model, Casper, Dousmanis-Curtis, Fowler, Ouellette and Rotenberg will report to White, as will Chief Marketing Officer Connie Stefankiewicz and Chief Transformation Officer Lynn Roger. Techar, White and Cronin will report to Downe, as do the bank’s corporate functions.
“We have confidence in this team,” stated Downe. “They have overseen a strong period of growth and with the organizational changes announced today, they will have new challenges to broaden their skills, enhance their experience and move us closer to our customers. The bank is in the middle of a multi-year transformation which is yielding significant results. We see a big opportunity in continuing to build a strategic capability as it relates to the banking experience we deliver and I look forward to continuing to work with these leaders to take the bank to the next level.”