(October 24 – 13:30 ET) – Bank of Montreal has announced a major regrouping of its businesses and an executive suite shuffle designed to sharpen its focus in its personal banking businesses, and encourage the development of e-businesses.
The realignment announced today focuses on the Personal and Commercial Client Group as well as in Emfisys, BMO’s technology and operations group which runs most of the bank’s e-businesses. Jeff Chisholm, vice chairman of the Personal and Commercial Client Group, and Keith Dorricott, vice chairman of corporate services, will both retire on December 31, 2000.
Effective November 1, Ron Rogers, vice chairman, Personal and Commercial Client Group, assumes full responsibility for all businesses in this group. Al McNally, BMO vice chairman and chairman and CEO of the bank’s Chicago-based Harris Bank, maintains responsibility for the U.S. subsidiary, which according to BMO remains a key bank priority and a platform for expansion. Lloyd Darlington, who heads Emfisys, assumes responsibility for all emerging multi-segment e-businesses as president and CEO, Emfisys and Head, E-Business.
Four new banking divisions have been established within the Personal and Commercial Client Group. The personal and commercial banking distribution division will hold all P&C banking businesses involved in branch and electronic distribution in Canada, under Rob Pearce, president, personal and commercial banking distribution. He was executive vice president, North American electronic banking services.
A new small business banking division is being launched under Frank Techar, executive vice president, small business banking. He was previously senior vice president, small and medium enterprises.
A new commercial banking division has been established to serve enterprises with annual revenues of $100 million to $300 million. The division will report to Bob McGlashan, executive vice president, commercial banking. He was previously senior vice president mid-market banking.
All product development and marketing initiatives for personal banking customers in Canada are coming together into a new personal banking products division under Maurice Hudon, president, personal banking products. He was previously executive vice president, Ontario division.
Within the personal banking products division, the bank is consolidating all of its consumer lending products, including mortgages, under Margaret Barrett, executive vice president, consumer lending.
Assorted other management and reporting changes were announced today, too, including BMO’s new CFO, Karen Maidment, who will now report directly to the chairman. Rose Patten, executive vice president, office of strategic management, and a new head of human resources will also report to the chairman.
Tony Comper, chairman and CEO, says the new team is being installed to support the next stage of the bank’s growth strategy, and the bank intends to accelerate the shift of its business mix to higher-growth and higher-return businesses. “This is a strategy-driven and client-focused realignment,” said Comper.
“Our aim is to match key resources with key priorities. The bank is allocating priority resources to three key markets: business customers — small business and commercial banking; personal customers — money management and consumer lending; and e-business. We will allocate resources to businesses where we have proven capability, where the market is growing, emerging or under-served, and where price-to-earnings multiples are attractive.”
-IE Staff