(April 24 – 16:30 ET) – Jeffrey Orr is leaving his position as chairman and CEO, BMO Nesbitt Burns and vice chair, Investment Banking Group, Bank of Montreal, effective May 1.

Orr assumed both roles in 1999. According to the bank, he is leaving to accept a position outside the investment banking industry.

“Jeff has been a terrific member of our leadership team,” Tony Comper, chairman and CEO, Bank of Montreal, said in a statement. “He has strengthened the franchise and leaves behind a powerful management team to take it forward.”

Orr joined Nesbitt Thomson, a predecessor firm to BMO Nesbitt Burns, as an associate in corporate and government finance in 1981. He became head of Corporate and Government Finance in 1992 and vice-chairman of BMO Nesbitt Burns in 1997.

The bank has appointed William Downe to replace Orr. Effective May 1, Downe becomes deputy chair, Bank of Montreal and CEO, BMO Nesbitt Burns.

During his 18-year career with the bank, Downe has played a wide variety of leadership roles on both the retail and corporate and institutional sides of investment banking in Canada and the U.S.

Overseeing both the Investment Banking Group and the Private Client Group, Downe assumes responsibility for all businesses in the Bank of Montreal Group of Companies in Canada and the U.S. directed at corporate, institutional and individual investing clients.

At the same time, Jacques Ménard assumes the position of Chairman, BMO Nesbitt Burns. Gilles Ouellette takes on the new position of president and CEO, Private Client Group, reporting to Downe, while Yvan Bourdeau continues as President and COO, BMO Nesbitt Burns, also reporting to Downe.

In addition, both Tom Milroy, global head of Investment and Corporate Banking, and Eric Tripp, head of the Equity Division, become vice-chairs of BMO Nesbitt Burns. All other leadership positions in the Investment Banking and Private Client groups remain unchanged.

“We are dedicating key resources to rapidly grow businesses that meet the financial needs of corporate and institutional as well as individual clients in Canada and the U.S.,” said Comper. “The growth strategy we embarked upon in 1999 remains unchanged. As the leading Canada-U.S. financial services organization, we are aggressively pursuing selective expansion in the U.S. while continuing to invest in our Canadian franchise,” he added.
http://www.newswire.ca/releases/April2001/24/c7550.html