BMO Financial Group CEO Bill Downe has announced the appointment of COO Frank Techar as vice-chair of the firm effective Nov. 1. In his new role, Techar will work to accelerate business growth in all markets, with a special focus on the US Midwest. “Frank's leadership and knowledge of the Midwest market are going to be instrumental as, over time, we grow our businesses and consider expansion opportunities,” Downe said.
"Frank Techar has been an outstanding COO," he added. "This appointment recognizes his broad and deep experience as a business leader and officer of the bank."
Replacing Techar as COO is 22-year BMO veteran Darryl White, who rose through several roles in BMO Capital Markets before landing in his most recent position as group head. With his mastery of the banking industry, risk management, and global markets, he will strategically lead the bank’s personal, commercial, and wealth businesses across North America and globally, as well as oversee marketing and make sure that the bank’s technology function enable strategic capabilities to all the aforementioned groups.
"Darryl White's leadership has been steadfast at every juncture of his banking career and his experience will complement the experience of his team as they work to ensure our operating groups are positioned for future success," Downe said.
Aside from Downe and Techar, three other executive appointments have been announced: Patrick Cronin as group head of BMO Capital Markets; Gilles Ouellette as group head of BMO Asset Management; and Joanna Rotenberg is appointed as group head of BMO Wealth Management. These appointments were made as part of the bank’s reorganization around institutional asset management and retail wealth management, two sectors that it describes as “attractive but distinct growth opportunities.”
Ouelette and Rotenberg, along with several other BMO executives, will report to White. Techar, White, and Cronin, meanwhile, will report to Downe.
"We have confidence in this team," Downe said. "They have overseen a strong period of growth and with the organizational changes announced today, they will have new challenges to broaden their skills, enhance their experience and move us closer to our customers."
Small business owners have insufficient nest eggs
September stats released for Canadian ETFs