BMO’s U.S. CEO is retiring.
Darrel Hackett, one of the most prominent Black U.S. banking leaders, will leave his role at the Canadian bank’s American subsidiary Nov. 1 and become executive vice chair and senior adviser at the bank, the lender announced Tuesday.
Tim Cox, BMO’s U.S. general counsel and chief regulatory officer, will succeed Hackett in the top U.S. role and join the bank’s executive committee, the lender said. He’ll also chair the U.S. management committee and report to CEO Darryl White.
"Tim is a highly respected leader who has helped shape BMO's growth over the past 15 years, supporting the expansion of our business while strengthening the governance, risk management and regulatory foundation that underpins our success," White said in a statement Tuesday. "As our U.S. Country Head, Tim's leadership, deep understanding of our business and commitment to serving our clients, colleagues and communities will be key to the continued success of our U.S. franchise."
The leadership change comes as BMO this year announced plans to open 130 branches in California and another 15 in neighboring Arizona by 2031.
BMO, at the start of this decade, had primarily been known as a Midwestern bank in the U.S., with its country headquarters in Chicago. But it established a foothold on the West Coast when it bought Bank of the West, the U.S. retail presence of French lender BNP Paribas, in 2023. BMO now counts itself as the eighth-largest bank in North America, with $1.5 trillion in assets.
Cox joined BMO in 2010 as senior counsel and regulatory liaison, according to his LinkedIn profile, and has gradually amassed responsibility, serving – at one point – as the bank’s U.S. chief security officer. He became BMO’s U.S. general counsel in 2022.
Cox’s ascent may serve as a nod to continuity at BMO. The bank is handing its U.S. reins to Cox over one of its higher-profile hires. Aron Levine joined BMO last year as president of U.S. operations after nearly three decades at Bank of America.
Hackett, meanwhile, is not the only longtime BMO executive to exit the bank this year. Ernie (Erminia) Johannson, BMO’s head of North American personal and business banking – and one of the lender’s highest-profile women executives – left the bank in March. She has since become a non-executive director at NatWest, according to her LinkedIn profile.
Hackett, for his part, joined BMO in 2004 as a vice president in the bank’s acquisition integration office, according to LinkedIn.
"Darrel has played a central role in advancing our North American growth strategy and helping build the U.S. business we have today," White said in a statement. "Darrel is a tireless advocate for our clients, our employees and the communities we serve, and his leadership has strengthened relationships across our markets helping ensure we continue to deliver the insights, advice and capabilities our clients value most.”
