Business · Companies · 1 hr ago
BMO names Tim Cox to lead its U.S. operations as Darrel Hackett steps down
BMO has named Tim Cox its new U.S. country head and CEO of its U.S. subsidiaries.
Darrel Hackett, who has worked at the bank for more than 22 years, will move to an advisory role as executive vice-chair and senior adviser.
Cox is BMO’s U.S. general counsel and has held other roles at the bank, including chief regulatory officer.
The leadership change comes as BMO seeks to improve its U.S. business, which it says has not met expectations for return on equity, a measure of profitability.
The bank said it plans to revive the U.S. business to support growth and profitability.
Both appointments take effect on Nov.
1.
BMO appointed Tim Cox to lead its U.S. operations, effective Nov. 1, as Darrel Hackett steps down from the role.
Hackett will become an executive vice-chair and senior adviser after more than 22 years with the bank.
Cox will be U.S. country head and CEO of BMO’s U.S. subsidiaries, BMO Financial Corp. and BMO Bank N.A.
BMO has said its U.S. division’s return on equity underperformed expectations and that it would work to revive the business and bolster growth.
Cox joined BMO in 2010 and has held legal, regulatory and other leadership roles.
- Who
- BMO appointed Tim Cox to lead its U.S. operations, replacing Darrel Hackett.
- What
- Cox will become U.S. country head and CEO of BMO’s U.S. subsidiaries. Hackett will move to executive vice-chair and senior adviser.
- When
- The changes take effect Nov. 1, 2026.
- Where
- BMO’s U.S. operations.
- Why
- BMO has said it wants to revive its U.S. business and bolster growth after its return on equity underperformed expectations.
This story does not have two clearly opposing sides.
Tim Cox joined BMO.
BMO told investors its U.S. division’s return on equity had underperformed expectations and said it would work to revive the business.
BMO announced the leadership transition.
Tim Cox is to take over as U.S. country head and CEO of BMO’s U.S. subsidiaries, while Darrel Hackett moves to executive vice-chair and senior adviser.
- Incoming U.S. head
- Tim Cox
- Outgoing U.S. head
- Darrel Hackett
- Effective date
- Nov. 1, 2026
- Hackett’s time at BMO
- More than 22 years
- Cox joined BMO
- 2010
- U.S. subsidiaries
- BMO Financial Corp. and BMO Bank N.A.
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What people are saying
Darrel has played a central role in advancing our North American growth strategy and helping build the U.S. business we have today,