BMO Financial Group Announces Leadership Changes: CFO Transition Ahead

BMO Financial Group Announces Leadership Changes

TORONTO, September 17, 2025 - BMO Financial Group has recently shared notable news regarding its executive leadership. Tayfun Tuzun, the Chief Financial Officer since 2020, will be retiring early next year. In the wake of his retirement, Rahul Nalgirkar has been appointed to succeed him as the new CFO, effective January 1, 2026.

Tayfun Tuzun joined BMO at a pivotal time in the bank's history. During his tenure, he successfully led critical functions including enterprise and group-level finance, treasury, corporate development, and more. His contributions were instrumental in steering the bank through significant transitions, including the digitalization of operations and the integration of Bank of the West. Darryl White, the CEO of BMO Financial Group, commended Tuzun for his leadership, stating that he played a crucial role in establishing BMO as one of North America’s largest banks.

While Tuzun will step down from day-to-day operations in early 2026, he will continue to serve on the board of directors for BMO’s U.S. subsidiary, BMO Financial Corp. This continuity aims to ensure a smooth transition period and maintain strategic direction even as new leadership takes charge.

Rahul Nalgirkar, who joined BMO in 2022 as CFO for its U.S. operations and commercial banking sectors, will step into the CFO role following a transition phase as Deputy CFO. Nalgirkar's experience as Line of Business Group CFO at Fifth Third Bank, coupled with previous positions at GE Capital and Citigroup, positions him well to lead BMO's financial strategies moving forward.

White expressed confidence in Nalgirkar’s capabilities, highlighting his strategic mindset and collaborative work ethic as critical strengths that will contribute to BMO's success. He described Nalgirkar as a dynamic leader who understands the complexities of the financial services landscape and is equipped to drive performance across various business segments.

This transition signals a strategic continuation of BMO's commitment to growth and excellence in financial services as it navigates the competitive landscape in North America. BMO Financial Group, with total assets amounting to $1.4 trillion as of July 31, 2025, continues to serve approximately 13 million customers, offering personal and commercial banking services, wealth management, and investment banking solutions across Canada and the United States.

As BMO marks this new chapter with its leadership changes, the company looks forward to leveraging its diverse and engaged workforce to continue driving positive change in the communities it serves, ensuring a thriving economy for all stakeholders involved.

In conclusion, as Tayfun Tuzun prepares to retire, both the management and employees at BMO express gratitude for his service and leadership. The appointment of Rahul Nalgirkar as the new CFO reflects BMO's proactive approach in fostering leadership talent from within, ensuring that the bank remains customer-centric and competitive in an evolving financial landscape.

With these impending changes, BMO Financial Group emphasizes its mission: to Boldly Grow the Good in business and life, contributing both to a sustainable future and an inclusive society.