Bank of Montreal said Friday that Chief Operating Officer Darryl White has been chosen to succeed Bill Downe as chief executive officer, effective Nov. 1, the start of the new fiscal year. Downe will retire on Oct. 31 after a decade as CEO. He will remain with the bank in an advisory capacity for a brief period, the bank said. Prior to his role as COO, White was group head of BMO Capital Markets and spent time in the U.S. working on strategy and expanding the bank’s footprint. Over the past 10 years, Bank of Montreal’s U.S. footprint has doubled. BMO shares are up 29.1% for the past year while the S&P 500 index was up 15.5% for that period.
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