Bank of Montreal (BMO) has announced significant leadership changes within its U.S. operations. Tim Cox has been appointed as the new U.S. Country Head, effective November 1, 2026. He will also serve as the CEO of BMO’s U.S. subsidiaries, BMO Financial Corp. and BMO Bank N.A. This strategic move is aimed at strengthening BMO's presence in the U.S. market.

These changes come at a crucial time for BMO as it seeks to enhance its operational effectiveness and client service in the competitive commercial banking sector. Darrel Hackett, who has served as the U.S. CEO for over 22 years, will transition to the role of Executive Vice-Chair and Senior Advisor, also effective November 1. Hackett’s extensive experience has been pivotal in advancing BMO’s North American growth strategy.

“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,” said Darryl White, CEO of BMO Financial Group. Cox has been with BMO since 2010 and has held various senior leadership roles, including Global Chief Regulatory Officer and U.S. General Counsel.

Hackett’s retirement marks the end of an era for BMO, as he has played a central role in shaping the bank's U.S. operations and client relationships. “Darrel is a tireless advocate for our clients, our employees and the communities we serve, and his leadership has strengthened relationships across our markets,” added White.

BMO Financial Group, headquartered in Toronto, has been providing financial services for over 200 years. With total assets of $1.5 trillion as of July 31, 2026, BMO offers a wide range of services including personal and commercial banking, wealth management, and investment banking.

As BMO navigates these leadership transitions, it will be closely watched by industry analysts and competitors alike, as the commercial banking sector continues to evolve in response to economic challenges and opportunities.

For further information, media inquiries can be directed to John Fenton at john.fenton@bmo.com.