BMO signage in Indianapolis

Two executives at Toronto-based Bank of Montreal (BMO) will retire next year, the bank announced Wednesday.

Surjit Rajpal, chief risk officer, has chosen to retire at the end of January. Gilles Ouellette, group head, BMO Asset Management and vice-chair, international has also chosen to retire in 2019.

Rajpal joined BMO in 1982 and was appointed chief risk officer in 2011. On Nov. 1, he will be succeeded by Pat Cronin, currently group head, BMO Capital Markets, at which time Rajpal will assume an advisory role to assist with the transition.

“Surjit has brought his sharp business acumen and high standard of excellence to everything he has done for this organization.  He is an accomplished and deeply perceptive manager of risk and exceptional all-round banker,” Darryl White, chief executive officer, BMO, says in a statement. “Surjit was a driving force and powerful advocate for the evolution of our risk culture and steered the bank through the aftermath of the global financial crisis confidently.”

Ouellette joined Burns Fry Ltd. in 1979. When Burns Fry merged with BMO’s Nesbitt Thomson, forming BMO Nesbitt Burns, he was appointed to lead the private client division.

“Gilles has always championed long term growth, while building our reputation for excellence, customer centricity and innovation. His leadership of BMO’s presence in China and the acquisition of F&C Asset Management speak to his passion for capturing emergent opportunities,” White says.

In 2019, Joanna Rotenberg, group head, BMO Wealth Management, will assume an expanded mandate, leading global asset management in addition to her current responsibilities.

Dan Barclay will become group head, BMO Capital Markets, effective Nov. 1. He currently holds the position of co-head, global investment and corporate banking.

Peter Myers will become head, global investment and corporate banking, BMO Capital Markets.