An executive shuffle is underway at BMO Capital Markets, with investment banking chief, Darryl White, taking over as head of the firm.

BMO announced Wednesday evening that White, who is currently head of global investment and corporate banking, will replace Tom Milroy as group head of BMO Capital Markets. At the same time, Patrick Cronin, head of trading products is to become chief operating officer at the firm.

The appointments are timed to coincide with the upcoming retirements of Milroy, group head and CEO, and Eric Tripp, president of the firm, which are slated for November 1. The bank says that Milroy and Tripp will stay on to aid the transition.

White joined BMO Capital Markets in 1994. He was appointed head of global investment and corporate banking in 2012. Prior to that, he was named deputy head investment and corporate banking Canada and global head, equity capital markets in 2010. This came after stints in mergers and acquisitions, and in the diversified industries and communications & technology groups, and as head of investment banking in Montreal. He has a business degree from the University of Western Ontario.

Cronin has been with the firm since 1993. In 2001, he became co-head of the equity derivatives group, and in 2005 he was named co-head of financial products. In 2011, he became head of trading products. In his current role, he has overall responsibility for the sales, trading, research and structuring groups for equity and debt products, foreign exchange, derivative products and securitization. He has a BA from the University of Toronto and an MBA from UWO.

Cronin will report to White; who will, in turn, report to Bill Downe, CEO of Bank of Montreal (TSX:BMO).