Bank of Montreal (BMO) Financial Group has promoted its COO, Darryl White, to the role of CEO.

White will succeed Bill Downe who announced his retirement back in April 2017.

As COO, White was responsible for leadership of personal, commercial and wealth businesses. Prior to that, he served as head of BMO capital markets.

Commenting on the appointment, BMO chairman Robert Prichard said: “Darryl has provided strategic leadership across all of the bank’s businesses in North America and globally. He is an outstanding leader and he exemplifies BMO’s focus on putting the customer first.”

White said: “BMO has delivered strong performance and steady growth as a result of Bill Downe’s incredible leadership these past ten years. We embark on our third century in business well positioned to capitalize on market opportunities, grow our customer base faster and deliver value for our shareholders in the process.”