Tim Cox, the bank’s U.S. general counsel and chief regulatory officer, will succeed Darrel Hackett, who is retiring from his role Nov. 1.

Darrel Hackett, one of the most prominent Black U.S. banking leaders, will leave his role at the Canadian bank’s American subsidiary Nov. 1 and become executive vice chair and senior adviser at the bank, the lender announced Tuesday.

Tim Cox, BMO’s U.S. general counsel and chief regulatory officer, will succeed Hackett in the top U.S. role and join the bank’s executive committee, the lender said. He’ll also chair the U.S. management committee and report to CEO Darryl White.

"Tim is a highly respected leader who has helped shape BMO's growth over the past 15 years, supporting the expansion of our business while strengthening the governance, risk management and regulatory foundation that underpins our success," White said in a statement Tuesday. "As our U.S. Country Head, Tim's leadership, deep understanding of our business and commitment to serving our clients, colleagues and communities will be key to the continued success of our U.S. franchise."

The leadership change comes as BMO this year announced plans to open 130 branches in California and another 15 in neighboring Arizona by 2031.

, with its country headquarters in Chicago. S. retail presence of French lender BNP Paribas, in 2023 . 5 trillion in assets.

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