Tony Comper announced today that he will be retiring as president and CEO, BMO Financial Group at the company’s annual meeting in Toronto on Mar. 1, 2007, and will not stand for re-election to the board of directors.

At the same time, the BMO bboard announced the appointment of chief operating officer Bill Downe as Comper’s successor as president and CEO effective Mar. 1, 2007. At the annual meeting, Downe will also stand for election to the board of directors.

Comper will stay on in an advisory capacity until his scheduled retirement on April 24, his 62nd birthday, ensuring a smooth transition.

“Let me be the first to warmly applaud the board’s choice, congratulate Bill, and wish him every success. I know he’ll do a wonderful job,” said Comper, in a news release. “Bill and I have been working together almost as one since he became chief operating officer earlier this year.”

Downe said in response that “Tony has been a superb steward of BMO’s legacy with a keen sense of where this company came from and where it is going. I am proud and honoured to take over from a leader of his stature.”

Downe, 54, was appointed COO on February 2, 2006, following four years as deputy chairman, BMO Financial Group and CEO, BMO Nesbitt Burns – a role in which he oversaw the investment banking group, the private client group and BMO’s operations in the United States.

David Galloway, chairman of the board, BMO Financial Group, said: “Tony will leave BMO in excellent shape and in excellent hands. He became CEO during a time of uncertainty and increasingly fierce competition.”

“BMO is much stronger and better positioned for growth and continued success – both at home and abroad – because of Tony Comper’s vision, leadership, focus and discipline,” added Galloway.

He noted that Comper’s many achievements include reinvesting in BMO’s Canadian businesses and increasing BMO’s presence in the United States. “In addition, through the relationships he has personally cultivated in China, Tony has cemented BMO’s longstanding presence there, expanding our franchise and future business opportunities.”