Bank of Montreal’s BMO-T U.S. chief executive officer David Casper is leaving the top job as the lender embarks on a major expansion further into the market with its takeover of California-based Bank of the West.
Mr. Casper is retiring after nearly 40 years at the bank. Darrel Hackett, the president of its U.S. wealth management unit, will take over the job as of June 1 as the lender moves toward its fall timeline to integrate the largest-ever purchase of a U.S. bank by a Canadian lender.
The outgoing U.S. CEO joined the bank in 1984 when the lender acquired Harris Bank. He has been in the top job since 2018, after roles leading both the North American and U.S. commercial banking businesses.
In the summer, Mr. Casper will step in as chair of the board of BMO Financial Corp. He succeeds John Rau, who has been chair since 2017 and a board member since 2008.
“Dave’s leadership has been instrumental to BMO’s growth, particularly in the United States,” CEO Darryl White said in a statement. “Under Dave’s leadership of BMO’s commercial banking businesses, BMO has progressed to become a top-five commercial lender in North America, and Dave played a key role in our recent acquisition of Bank of the West.”
Mr. Hackett takes over the top spot less than three months after BMO completed its $17.1-billion purchase of the U.S. bank from BNP Paribas SA, broadening its footprint beyond the U.S. Midwest by expanding into California.
The takeover doubles the size of its U.S. branch network to more than 1,000 locations. BMO expects its U.S. arm will contribute almost half its total earnings, jumping from about a third.
“The U.S. is already close to half of the net income for the entire BMO franchise, and we’re proud of the growth we’ve had,” Mr. Hackett said in an interview. “We’re also focused on digitally enabling the bank and expanding into the West Coast, which really diversifies our geographic exposure here in the U.S.”
Since joining BMO in 2004, Mr. Hackett has held roles in its U.S. business banking unit and its North American integrated channels team.
“As our U.S. CEO, Darrel’s track record of dedication to our clients’ success, extensive community leadership, and commitment to making progress for the elimination of barriers to inclusion will be key to the continued success of BMO U.S.,” Mr. White said. “Darrel is a purpose-driven, high performing and client-focused leader and I am excited to work with him in this new role as Team BMO continues to break new ground in the U.S. market.”