BMO Announces Retirement of Tayfun Tuzun, Names Rahul Nalgirkar CFO, BMO Financial Group

Rhea-AI Summary

BMO Financial Group (NYSE:BMO) announced that Chief Financial Officer Tayfun Tuzun will retire in early 2026. The bank has appointed Rahul Nalgirkar as the new CFO, effective January 1, 2026. Nalgirkar, who joined BMO in 2022 as CFO of BMO U.S. and commercial banking operations, will first serve as Deputy CFO during a transition period.

Tuzun, who joined BMO in 2020, will continue serving on the board of directors of BMO Financial Corp., the bank's U.S. subsidiary. During his tenure, he oversaw the Bank of the West acquisition and integration, helping establish BMO as one of North America's largest banks. Nalgirkar brings extensive experience from previous roles at Fifth Third Bank, GE Capital, Citigroup, and CIT.

Positive

• Smooth leadership transition with overlap period ensures operational continuity
• New CFO brings extensive financial services experience from major institutions
• Retiring CFO maintains board position, providing continued strategic oversight
• Internal promotion demonstrates strong succession planning

Negative

• Loss of experienced CFO who oversaw major acquisition and integration
• Potential strategic shift with new CFO appointment may create uncertainty

TORONTO, Sept. 17, 2025 /PRNewswire/ - BMO Financial Group today announced the upcoming retirement of its Chief Financial Officer (CFO) Tayfun Tuzun and the appointment of Rahul Nalgirkar to the role.

Mr. Tuzun joined BMO in 2020 and has led the bank's enterprise and group-level finance teams, alongside treasury, corporate development, strategy, accounting, taxation, investor relations and financial performance management functions.

"Tayfun joined BMO during one of the most dynamic periods in our history, working with our leadership team to serve our clients, digitize and streamline operations, and acquire and integrate Bank of the West," said Darryl White, Chief Executive Officer, BMO Financial Group. "BMO has benefited from Tayfun's leadership and expertise, including his oversight of the effective management of capital, liquidity and funding as we established BMO as one of North America's largest banks."

Mr. Tuzun will retire from BMO in early 2026. Appointed to the board of directors of BMO's U.S. subsidiary, BMO Financial Corp. in 2023, Mr. Tuzun plans to continue to serve in that capacity.

Following a transition period as Deputy CFO, Rahul Nalgirkar will be appointed CFO, effective January 1, 2026, and join the bank's Executive Committee.

Mr. Nalgirkar joined BMO in 2022 as CFO of BMO U.S. and of BMO's commercial banking businesses in Canada and the U.S. Prior to joining BMO, Mr. Nalgirkar served as Line of Business Group CFO at Fifth Third Bank, following corporate finance roles at GE Capital, Citigroup, and CIT.

"Rahul is a dynamic, strategic, finance leader with a deep understanding of the financial services industry in North America and a proven collaborator and catalyst for performance," continued Mr. White. "Whether it's making progress for holistic and comprehensive service to our clients across our businesses and geographies or bringing our strategy to life and cutting through complexity to deliver results, Rahul's impact is clear and significant. Tayfun will continue to work closely with Rahul through this transition period."

About BMO Financial Group 
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

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SOURCE BMO Financial Group

FAQ

When will BMO CFO Tayfun Tuzun retire?

Tayfun Tuzun will retire from BMO in early 2026, but will continue serving on the board of directors of BMO Financial Corp.

Who is the new CFO of BMO Financial Group?

Rahul Nalgirkar will become BMO's new CFO effective January 1, 2026. He currently serves as CFO of BMO U.S. and commercial banking operations.

What is Rahul Nalgirkar's background before joining BMO?

Before joining BMO in 2022, Nalgirkar served as Line of Business Group CFO at Fifth Third Bank and held corporate finance roles at GE Capital, Citigroup, and CIT.

What were Tayfun Tuzun's major achievements at BMO?

During his tenure since 2020, Tuzun led the bank's finance teams and oversaw the acquisition and integration of Bank of the West, helping establish BMO as one of North America's largest banks.

How will BMO manage the CFO transition?

Rahul Nalgirkar will serve as Deputy CFO during a transition period before assuming the CFO role on January 1, 2026, working closely with Tayfun Tuzun during this time.