Bank of Montreal appoints new CFO

Maidment, age 42, will remain working with her former employer, Clarica Life Insurance Co., for the next two weeks to help with the transition of her move. The insurer says it will begin the search for her replacement immediately.

She has held her position as CFO at Waterloo, Ont.-based Clarica since 1996. She was responsible for strategic planning, mergers and acquisitions, legal services as well as playing a large role in the demutalization of the company.

Maidment is the successor of Bob Wells, the bank’s current CFO. Wells, who has been with the bank for over 30 years, has held the CFO position for the past eight years. His decision to move on was based on his desire to tackle new projects. It was his suggestion that started the corporate search for a suitable successor.

“Bob initiated the process and was part of the selection on who his successor would be. Eight years in one job is a long time, and in large corporations it’s normal to plan for your successor,” says Joe Barbera, director of media and public relations at BMO. Wells, who’s 59, will continue as executive vice president for the bank but will now be reporting directly to chairman Tony Comper.