CEO Darryl White says the changes will help it improve performance.Spencer Colby/The Canadian Press
Bank of Montreal BMO-T is shaking up its senior executive team as the lender aims to expand its business and realigns its division in the United States.
The bank is rejigging the structure of its U.S. business as it looks to rebuild its profitability. It is combining its key businesses south of the border and installing several new senior leaders – including an executive from a major U.S. bank – to sit at the CEO table.
BMO has been working to revive its return on equity – an industry metric that measures profitability. Chief executive officer Darryl White said the changes will help improve the bank’s performance through enhanced collaboration, artificial intelligence and technology integration, and better client advice and service.
“This next step supports the rebuilding of our ROE, including optimizing our U.S. structure by combining our U.S. personal and business banking, commercial banking and wealth management businesses to deliver for our clients,” Mr. White said in a statement Thursday.
Ernie (Erminia) Johannson, BMO’s head of North American personal and business banking, is leaving the lender in early 2026 and will hold a senior adviser role in the interim.
Ms. Johannson took the helm of the division in 2020 and was involved in BMO’s integration of its takeover of California-based Bank of the West.
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In a statement, the bank said that, under Ms. Johannson’s leadership, the Canadian unit “consistently delivered top-tier revenue growth and increased market share” and the U.S. division “consistently delivered top-tier deposit generation.”
Nadim Hirji, who has been head of North American commercial banking since 2023, will become vice-chair of commercial banking, overseeing growth initiatives of BMO commercial banking leaders in Canada and the U.S.
During his time overseeing the business, Mr. Hirji “elevated its use of data, digital and its focus on optimizing risk and return,” the bank said.
Mat Mehrotra, who joined BMO in 2010 and is currently chief digital officer and head of Canadian products, has been tapped as the new head of Canadian personal and business banking and co-head of Canadian personal and commercial banking.
General counsel Sharon Haward-Laird will lead Canadian commercial banking and North American shared services and will be co-head of Canadian personal and commercial banking. She joined BMO in 2000 and has held roles in treasury and payment solutions in commercial banking, corporate communications and investor relations.
BMO is bringing in an executive from Bank of America to lead three of the bank’s U.S. units. Aron Levine will oversee the U.S. personal and business banking, commercial banking and wealth management divisions. Mr. Levine has spent three decades working in U.S. banking, with roles spanning consumer banking, wealth management, corporate strategy, and commercial real estate finance.
He will report to Mr. White and Darrel Hackett, CEO of BMO’s U.S. business.
Deland Kamanga will continue on as head of wealth management. Mona Malone will be appointed chief administrative officer and will continue to serve as chief human resources officer. Paul Noble will be appointed general counsel and head of legal and regulatory compliance.
The changes are effective July 7.