Executive shuffle at BMO sees Techar take on new role

TORONTO Frank Techar, the chief operating officer of Bank of Montreal, is moving into the bank’s vice-chair role Nov. 1, triggering a broader executive shuffle at Canada’s fourth-largest bank.

In his new role, Techar is charged with accelerating business growth in all markets, particularly in the U.S. Midwest, which continues to be a mainstay of the bank’s growth plans, BMO said in a statement.

“Three years ago, we embarked on a multi-year plan to redefine our businesses on both sides of the border,” Bill Downe, BMO’s chief executive, said in a statement. “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 it remains a priority to build a highly visible and growing market presence in the United States.

Darryl White, a 22-year BMO veteran and group head of BMO Capital Markets, will succeed Techar as COO. His role will be to provide strategic leadership, including in the areas of marketing and technology, for the bank’s personal, commercial, and wealth businesses across North America and globally.

“For two decades, he has been directly engaged in global markets and a fast-changing, complex banking environment,” Downe said. “This experience will serve him well as he assumes the role of chief operating officer.”

The bank’s statement said White, 45, and Techar, 60, will work closely together in their new roles.

White will be replaced as group head of BMO Capital Markets by Patrick Cronin, the unit’s COO.

Along with the executive retooling, BMO is splitting its wealth business into two platforms: institutional asset management and retail wealth management.

Gilles Ouellette, the current group head of wealth management, will take on that title at BMO Asset Management on Nov. 1, and will become vice-chair, international, of BMO Financial Group.

At the same time, Joanna Rotenberg will be become group head of BMO Wealth Management. Rotenberg, who worked in the wealth management practice at McKinsey earlier in her career, has also held the positions of head of personal wealth, head of strategy, and chief marketing officer at BMO.