BMO Executive Darrel Hackett to Succeed Retiring Dave Casper as U.S. CEO
BMO Harris Bank recently announced that CEO Dave Casper is retiring. Succeeding Casper, who has led the U.S. operation of Toronto-based parent BMO Financial Group since 2018, will be Darrel Hackett, a 19-year BMO veteran. The appointment of Hackett gives BMO’s U.S. Bank the distinction of being the first among the top 15 in the country to be run by a Black executive. Hackett is currently BMO’s President of U.S. Wealth Management. BMO’s U.S. unit is the nation’s 11th-largest commercial bank following the completion of its acquisition in February of San Francisco-based Bank of the West, which Casper shepherded over 14 months from when it was announced in December 2021.
That transaction gives the bank a big presence in California to go with its large footprint in the Midwest since the 2011 acquisition of Milwaukee-based Marshall & Ilsley.
Hackett takes over at a time when performance south of the Canadian border is far more important to BMO’s success than it was for most of the time it has owned Harris. Nearly half of BMO’s earnings now are coming from the U.S. Hackett will continue to be based in Chicago, where BMO’s U.S. operation is headquartered. The bank is Chicago’s second largest by deposits, trailing only JPMorgan Chase, the largest bank in the U.S. Before running wealth management, Hackett had executive roles, including management of BMO’s business banking group in the U.S.
Governor Signs Executive Order Creating Affordable Housing Investment Council
Governor Michelle Lujan Grisham recently signed an executive order which created a Housing Investment Council with a mission to bring New Mexico’s affordable housing development up to pace to meet demand in the state. The council’s work begins at a crucial moment as average rent in the state has increased by 70% since 2017, but wages have only grown by 15%.
“It is time to go big on affordable housing. We need thousands of homes to meet demand and give New Mexicans a stable foundation,” said Governor Lujan Grisham. “We secured more than $82 million in the last legislative session to address housing, and an investment plan is the next step in ensuring we make the most of every housing dollar in our state.”
The members of the council selected by the governor include:
- Brian Egolf, Former House Speaker, Chair
- Senator Michael Padilla
- Representative Meredith Dixon
- Izzy Hernandez, Mortgage Finance Authority
- Lorrie Chavez, CEO, Santo Domingo Housing Authority
- Kent Thurston, CEO, KT Homes, LLC
The executive order signed by the governor directs the council to develop a strategic housing investment plan that addresses gaps in available housing resources, inefficiencies in regulatory and zoning that impact housing development, workforce and business shortages in the housing development industries, the facilitation of public-private partnerships and more.
“We have a big job to do,” said Brian Egolf, former House Speaker and Chair of the council. “The next six months will be a spring so that we can have a package to present to the legislature. I’m looking to have results a year from now.”
“I think this is one of the most important things we can do for our young families especially,” said Senator Michael Padilla. “It is going to give them a sense of place which leads to a better home life for their children. If you don’t know where you are going to sleep at night, the last thing you are going to focus on is your homework if you even got to school that day. This is going to lend itself to a lot more down the road.”
“Housing that is accessible and affordable is central to getting families in stable and safe environments,” said Representative Meredith Dixon. “The council’s work will happen before January, so there will be something for us to put into action when the next session starts. It’s imperative the work starts right away to help get New Mexicans into the homes they deserve.”
