Toronto-based Bank of Montreal (BMO) has announced that Darryl White, the bank’s chief operating officer (COO), will be replacing Bill Downe as CEO effective Nov. 1.

“This planned succession will provide continuity for our bank as we focus on the strategic priorities that have been set, in this, our 200th year of serving customers,” says Robert Prichard, BMO’s chairman, in a statement. “Darryl White’s leadership has been steadfast and successful at every juncture of his banking career and he will maintain and build on our positive momentum.”

White has progressed through a series of leadership roles at BMO during his two decades with the bank. Currently, he provides strategic leadership for the bank’s personal, commercial and wealth businesses acrossNorth Americaand globally. In addition, White is a director of BMO Financial Corp., the entity that has overall responsibility for the activities of the bank inthe U.S. Prior to being appointed COO, White served in the role as group head, BMO Capital Markets.

“I am deeply appreciative of the board’s confidence and look forward to spending the remainder of the fiscal year working alongside Bill,” White says in a statement.

“Darryl possesses a deep understanding of the financial services sector. His command of the bank’s fundamental performance drivers and what constitutes opportunity for the organization is distinctive,” adds Downe in a statement.

Prichard expressed the board’s confidence that BMO stakeholders will continue to benefit from proven and steady leadership throughout the succession process. After the conclusion of Downe’s tenure as CEO, he will remain with the bank in an advisory capacity for a brief period.

“Bill Downeis a globally respected CEO who has driven high-quality growth across every BMO business. Thanks to his leadership the bank is in its strongest financial and strategic position in our history and well positioned for future success,” Prichard adds.

Over the last 10 years, BMO’s adjusted earnings have grown to $5 billion from$2.8; the bank’s U.S. footprint has doubled; book value per share has grown by 7.5% annually and total shareholder return grew at a rate of 8.5%.

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