Bank of Montreal CEO Bill Downe announces retirement

Bill Downe, CEO of BMO Financial Group, announced his retirement on Friday, Apr 7. (Michelle Siu/Canadian Press)

After some-more than a decade during a helm, a Bank of Montreal’s Bill Downe has announced skeleton to retire as CEO on Oct. 31.

He will be succeeded by Darryl White, who is now a bank’s chief handling officer.

In a matter released Friday, BMO authority Robert Prichard highlighted Downe’s efforts to renovate a bank by investments in technology, as good as by improving a illustration of women in comparison care roles.

“Thanks to his leadership, a bank is in a strongest financial and vital position in a story and well-positioned for destiny success,” Prichard said.

There has been a changing of a ensure during Canada’s biggest banks over a past 3 and a half years, with Royal Bank, TD Bank, Scotiabank and CIBC all appointing new arch executives.

With Downe set to retire, that leaves National Bank’s Louis Vachon as a final remaining large bank CEO who directed his association by a 2008 financial crisis.

White — who will take over as CEO on Nov. 1, a start of a bank’s subsequent financial year — has had sundry knowledge during some-more than dual decades with a company.

Prior to apropos arch handling officer, White was conduct of BMO Capital Markets.

“Darryl White’s care has been indifferent and successful during each connection of his banking career and he will say and build on a certain momentum,” Prichard said.

“He is a healthy and authentic personality and a right chairman to lead a bank in a time of change in a wider economy.”

Barclays researcher John Aiken pronounced he isn’t awaiting a change in a bank’s plan in a nearby term.

“Although Mr. White’s appointment is not terribly startling given BMO’s reorder of a executive cabinet final fall, his graduation breaks a trend of Canadian banks’ play shying divided from collateral markets backgrounds for a dilemma office,” Aiken pronounced in a note to clients.

Article source: http://www.cbc.ca/news/business/bmo-ceo-bill-downe-retirement-1.4060068?cmp=rss