BMO Financial Group today announced that Robert Pearce, president and chief executive officer, personal and commercial client group, will be leaving the Bank effective May 31.

Since October 2002, Pearce has been responsible for all personal and commercial banking services in Canada and has served on BMO Financial Group’s nine-member Management Board Executive Committee.

“Rob has had a very distinguished 26-year career at BMO and our Canadian retail franchise is stronger for it,” said Tony Comper, president and CEO, BMO Financial Group, in a news release.

“I am incredibly grateful for the opportunities and experiences I have enjoyed at BMO over the past 26 years, but after careful reflection on my own goals and aspirations I have made the difficult decision to leave BMO,” said Pearce. “For me the timing feels right, and I hope to have a little R&R time with my family before starting the next stage of my career.”

For an interim period, Bill Downe, chief operating officer, BMO Financial Group, will directly lead the Canadian personal and commercial business before announcing the new leadership.

“We have ambitious plans for accelerating profitable growth in our commercial business, where we have a No. 2 market share position, and all across our strong personal banking franchise,” said Downe.