Charyl Galpin is no longer the head of Bank of Montreal's investment dealer BMO Nesbitt Burns and is moving to a new role within the bank.
Ms. Galpin, executive vice-president, managing director and former head of private client division at BMO Nesbitt Burns, is no longer heading the private client division and has been appointed a new role within the bank as chief regulatory officer at BMO Wealth Management.
The bank has declined to confirm the date Ms. Galpin departed Nesbitt Burns – or the individual who will be replacing her – stating that "an interim leadership structure is currently in place."
Ms. Galpin will begin her new role on Sept. 5.
"The new senior executive leadership role will provide a unified view of regulatory and risk matters and act as a senior external representative of BMO on regulatory matters," a BMO spokesperson said in an e-mail to The Globe and Mail.
"Charyl's deep knowledge of operations and risk, and her exceptional understanding of our clients' needs, make her well-suited to drive this important agenda."
Ms. Galpin started in the industry more than 35 years ago as a bank teller with the Bank of Montreal, where she has spent the majority of her career.
She moved into the world of full-service investing at securities firm Burns Fry in 1986 and worked her way to the top. She was appointed co-head in 2011 along with another BMO industry veteran Richard Mills (who also joined Burns Fry in 1986).
She later become the sole head of BMO Nesbitt Burns in 2015 when Mr. Mills left the bank.
Earlier this summer, Ms. Galpin was named the new chair of the Investment Industry Association of Canada's board of directors for the 2017-18 term.
For the new head, there could be a number of challenges in store as Nesbitt Burns advisers voiced discontent with the investment firm during an annual industry report by Investment Executive (IE) newspaper.
A majority of the bank's investment advisers surveyed in the report ranked their firm below industry averages placing Nesbitt Burns as the lowest-rated investment dealer over all among both the banks and independent firms.
With files from Jacqueline Nelson