By Townhall Chicago News Staff
BMO Financial Group on Monday announced the appointment of Tim Cox as U.S. Country Head, replacing Darrel Hackett, who plans to retire after more than 22 years with the company.
Cox will also serve as CEO of BMO’s U.S. subsidiaries, BMO Financial Corp. and BMO Bank N.A., effective Nov. 1, according to the company’s Oct. 20 news release. He will report to Darryl White, CEO of BMO Financial Group, join the bank’s Executive Committee and chair the U.S. Management Committee.
“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,” White said in the release.
Cox joined BMO in 2010 and has held several senior legal and regulatory compliance leadership roles, including Global Chief Regulatory Officer. He has served as U.S. General Counsel since 2022.
White called Cox “a highly respected leader who has helped shape BMO’s growth over the past 15 years, supporting the expansion of our business while strengthening the governance, risk management and regulatory foundation that underpins our success.”
Hackett, the outgoing U.S. CEO, will transition to a role of Executive Vice-Chair and Senior Advisor, also effective Nov. 1. His departure from the top U.S. post follows a tenure in which he helped guide the bank’s North American growth strategy.
“Darrel has played a central role in advancing our North American growth strategy and helping build the U.S. business we have today,” White said. “Darrel is a tireless advocate for our clients, our employees and the communities we serve, and his leadership has strengthened relationships across our markets.”
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of July 31. The bank provides personal and commercial banking, wealth management, global markets and investment banking products and services to more than 13 million customers across Canada, the United States and select global markets.
The leadership transition carries particular significance for the Chicago area, where BMO’s U.S. operations are headquartered. The bank operates a significant retail and commercial banking presence across the region and is a major employer.
Cox’s background in regulatory compliance and legal affairs could signal a continued emphasis on risk management and governance at a time when the banking industry faces heightened scrutiny from federal regulators.
The announcement was one of several from BMO on Monday. The bank also said it earned its eighth consecutive Gold certification from the Canadian Council for Indigenous Business’ Partnership Accreditation in Indigenous Relations program, reflecting the company’s corporate responsibility initiatives in Canada.
Cox is expected to begin his duties overseeing BMO’s U.S. operations on Nov. 1.
