BMO appoints new U.S. head as Darrel Hackett steps down

Bank of Montreal’s BMO-T U.S. head, Darrel Hackett, is leaving his role as the lender bets on reviving its operations in the country to bolster its profitability.

Mr. Hackett, who has spent more than 22 years at BMO, will take on the role of executive vice-chair and senior adviser as of Nov. 1.

BMO tapped its U.S. general counsel, Tim Cox, as its new U.S. country head and CEO of its U.S. subsidiaries, effective Nov. 1. He is also a member of the bank’s U.S. management committee and chairs its U.S. regulatory committee.

In March, BMO told investors that its U.S. division’s return on equity – a closely watched measure of profitability – has underperformed expectations, and that the bank will continue to revive the business to bolster growth.

“Darrel has played a central role in advancing our North American growth strategy and helping build the U.S. business we have today,” BMO chief executive officer Darryl White said in a statement.

Prior to his role as U.S. general counsel, Mr. Cox held other roles at the bank, including chief regulatory officer, managing director and U.S. chief security officer. Before joining the bank in 2010, he was an attorney at Chicago-based law firm Vedder Price P.C.

Mr. Hackett previously served as president of BMO Wealth Management U.S. He also held senior roles at BMO in North American integrated channels and U.S. business banking. Before joining the bank, he was a management consultant at McKinsey & Co.