Bank of Montreal has shuffled some of its top executives in a move ostensibly designed to position the lender for additional growth, but raises the possibility that the bank is also getting ready for a transition in its top leadership.

Darryl White, currently group head of capital markets and widely seen as a strong candidate to become chief executive officer of BMO, has been appointed chief operating officer. He replaces Frank Techar who becomes vice chair, with a particular focus on driving growth in the U.S. Midwest.

The change comes as Bill Downe – who has been BMO’s CEO since 2007, making him a seasoned veteran on Bay Street next to the relatively new leadership at Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Canadian Imperial Bank of Commerce – is expected to step down from the role at some point.

“Darryl White’s leadership has been steadfast at every juncture of his banking career and his experience will complement the experience of his team as they work to ensure our operating groups are positioned for future success,” Mr. Downe said in a statement.

“For two decades, he has been directly engaged in global markets and a fast-changing, complex banking environment. This experience will serve him well as he assumes the role of chief operating officer.”

But the executive shuffle announced on Friday went deeper. Patrick Cronin has been appointed group head of capital markets, replacing Mr. White. BMO also reorganized its wealth management division into what it called two distinct growth opportunities: institutional asset management and retail wealth management.

Gilles Ouellete, current group head of wealth management, will lead BMO Asset Management. Joanna Rotenberg becomes group head of BMO Wealth Management.

Cameron Fowler, a third strong contender as CEO, will continue to lead BMO’s personal and commercial banking.

We have confidence in this team,” said Mr. Downe. “They have overseen a strong period of growth and with the organizational changes announced today, they will have new challenges to broaden their skills, enhance their experience and move us closer to our customers.

A BMO spokesperson said Friday: "We are in the middle of a multi-year transformation and these appointments demonstrate the depth of our management team and our focus on moving the bank forward. Bill and the team have a full agenda ahead of them."