CHICAGO, ILLINOIS--(Marketwired - Jan. 10, 2017) - BMO Financial Corp. (BFC) today announced the appointment of John Rau, President and Chief Executive Officer of Miami Corporation, as Chair of the Board. Mr. Rau has been an independent director of BMO Financial Corp. since 2008. Mr. Rau will be taking over from Frank Clark, former Chairman and CEO of ComEd, who has retired from his role leading the BMO Financial Corp. Board.
"We are extremely thankful for Frank's dedication and leadership over the last ten years. Frank served on the Board during a critical time for the industry and we are grateful for his extraordinary stewardship and guidance. We look forward to working closely with John Rau, who has been an exemplary director over the last nine years, in his new role as Board Chair," said Bill Downe, Chief Executive Officer, BMO Financial Group.
"BMO Financial Corp. will benefit greatly from such an experienced and dedicated professional as its new Chair. I am confident that, under John's leadership, BFC will continue its tradition of strong governance," said Mr. Clark. "As I step down, I would like to express my gratitude for the efforts and dedication of everyone at BFC. It has been an honor to serve on the Board for the past ten years."
"I would like to thank Frank for his distinguished leadership during a period of growth and transition at BFC. His leadership and guidance have been instrumental in our success," said Mr. Rau. "I am grateful for the support of the Board and look forward to working with both the other Directors and Management to deliver the great results and customer experience that we've come to expect from the bank."
Rau is President and Chief Executive Officer of Miami Corporation, a private diversified holding company founded in 1917. He previously served as President and Chief Executive Officer of LaSalle National Bank (Chicago), Chief Executive Officer of Chicago Title Corporation and Dean of the School of Business at Indiana University. Mr. Rau is currently a director of The Southern Company Gas, Chicago Shakespeare Theater, Chicagoland Chamber of Commerce and First Industrial Realty Trust, Inc. He also serves as a trustee of the Field Museum in Chicago. Mr. Rau earned his bachelor's degree at Boston College and his M.B.A. at Harvard University where he was the Goldman Sachs Finance Fellow.
A link detailing the composition of the full BMO Financial Corp. Board of Directors can be found here: https://www.bmoharris.com/us/about/corporate-information/board-of-directors.
BMO Financial Corp. is the holding company for BMO Harris N.A., and the Board of Directors of BMO Financial Corp. provides governance and oversight for the bank, as well as for BMO Capital Markets and BMO Private Bank. BMO Financial Corp. is a wholly owned subsidiary of Bank of Montreal.
About BMO Financial Group
Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $688 billion as of October 31, 2016, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.