Bank of Montreal named Darryl White, global head of investment and corporate banking, as chief executive officer of its BMO Capital Markets unit.
White, 43, will take over on Nov. 1 from Thomas Milroy, 59, who’s retiring after 21 years, the Toronto-based bank said today in a memo to employees, a copy of which was obtained by Bloomberg News. Eric Tripp, 58, president of BMO Capital Markets, is also retiring after 31 years at the firm. Both will stay on during a transition period, according to the memo.
“This news signals an important transition for us -- in part because Tom and Eric have been such good partners and in many ways architects of what what BMO Capital Markets has become,” Bank of Montreal CEO William Downe, 62, said in the memo.
Patrick Cronin, 47, currently head of trading products, will become BMO Capital Markets’ chief operating officer, according to the memo. White has been at BMO Capital Markets since 1994, while Cronin joined a year earlier.
Bank of Montreal, Canada’s fourth-largest lender, has gained 20 percent this year, the best performer in the eight-company Standard & Poor’s/TSX Commercial Banks Index, which has advanced 14 percent.