BMO Financial Group has promoted longtime executive Mona Malone to chief administrative officer while she continues as chief human resources officer, expanding her responsibilities across multiple corporate functions.
The Toronto-based bank announced Thursday that Malone will now lead marketing, communications, human resources, corporate real estate and procurement divisions. She will remain on BMO’s executive committee and continue serving on the U.S. management committee.
The appointment takes effect July 7 as part of broader leadership changes aimed at improving client service and supporting growth in Canada and the United States.
Nearly three decades with BMO
Malone joined BMO in 1996 and has held various leadership positions throughout the organization. The bank described her track record as focused on talent development and organizational culture.
“These experienced leaders bring the capabilities that will help us accelerate our performance through greater collaboration, integration of AI, data and cloud computing for faster, more innovative work, and personalized client advice and service,” said Darryl White, BMO’s chief executive officer.
Her expanded role reflects BMO’s strategy to streamline decision-making and improve profitability by placing experienced executives in broader mandates, White said.
Part of larger restructuring
The Malone appointment comes alongside several other executive changes at Canada’s fourth-largest bank. BMO also named new leaders for its U.S. operations, commercial banking divisions and legal departments.
The moves support BMO’s efforts to rebuild return on equity and optimize its U.S. structure by combining personal banking, commercial banking and wealth management businesses, according to White.
BMO has total assets of $1.4 trillion and serves 13 million customers across Canada, the United States and select international markets. The bank ranks as the seventh-largest in North America by assets.
The leadership changes aim to accelerate performance through better collaboration and integration of artificial intelligence, data analytics and cloud computing technologies, the bank said.
