Toronto-based Bank of Montreal (BMO) announced on Friday that it’s making several key changes to its executive office effective Nov. 1, including a new chief operating officer (COO) and a shakeup in its wealth-management arm.
“The bank is in the middle of a multi-year transformation, which is yielding significant results,” says Bill Downe, BMO’s CEO, in a statement. “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.”
One area that will see meaningful change is the bank’s growing wealth-management arm, which is being divided into the distinct arms of institutional asset management and retail wealth management. Gilles Ouellette, currently group head of wealth management, has been appointed as group head of BMO Asset Management, in addition to being appointed vice chairman, international, for BMO.
Joanna Rotenberg, currently head of personal wealth management, will move into the role of group head of BMO Wealth Management. Rotenberg joined BMO in 2010 and has also held the positions of chief marketing officer and head of strategy. She was a partner in the wealth-management practice at New York City-based McKinsey and Co. before moving to BMO.
The bank has also appointed Frank Techar, who is currently COO, as its new vice chairman. His new role will have him working to accelerate business growth in all markets, especially in the U.S. Midwest, which is a desired area of growth for BMO.
“Three years ago, we embarked on a multi-year plan to redefine our businesses on both sides of the border,” Downe says. “Frank’s leadership and knowledge of the [U.S.] Midwest market are going to be instrumental as, over time, we grow our businesses and consider expansion opportunities.”
Darryl White, currently group head of the bank’s capital markets division, will take over as COO from Techar. White will provide strategic leadership for the bank’s personal, commercial and wealth businesses in North America and around the world. He will also oversee marketing and ensure the bank’s technology function delivers strategic capabilities to all these groups.
Patrick Cronin will succeed White as group head of capital markets and leave his current role as COO of the same division.
BMO also confirmed that Cameron Fowler will continue to lead Canadian personal and commercial banking, in which he is stewarding a bank-wide transformation as clients adopt new ways of transacting.
Furthermore, there will be no changes in the leadership of the bank’s U.S. personal and commercial banking operations as Alexandra Dousmanis-Curtis, group head of U.S. retail and business banking, and David Casper, president and CEO of Chicago-based BMO Harris Bank NA and group head of commercial banking, will remain in their roles.
“We have confidence in this team,” says 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.”
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