BMO Announces Two New Directors and Confirms Election of Board of Directors

Rhea-AI Summary

On April 7, 2021, Bank of Montreal (BMO) announced the election of Madhu Ranganathan and Stephen Dent to its Board of Directors during the Annual Meeting of Shareholders. Ranganathan, a technology finance expert with over 30 years of experience, previously served as CFO at OpenText and [24]7.ai. Dent, co-founder of Birch Hill Equity Partners, brings extensive private equity experience. The election of all director nominees was confirmed, reflecting strong shareholder support, with Ranganathan and Dent receiving over 99% approval votes.

Positive

• Election of experienced directors Madhu Ranganathan and Stephen Dent expected to enhance Board's expertise.
• Ranganathan's background in technology finance aligns with BMO's strategic initiatives.
• Dent's private equity experience could improve capital allocation and strategic planning.

Negative

• Potential concerns regarding continuity and experience gaps with the introduction of new directors.

TORONTO, April 7, 2021 /PRNewswire/ - Bank of Montreal (BMO) (TSX:BMO) (NYSE:BMO) today announced the election of Madhu Ranganathan and Stephen Dent to BMO's board of directors following its Annual Meeting of Shareholders.

"We are pleased to welcome Steve and Madhu to the Board of Directors," said George Cope, Chair of the Board, BMO. "Their knowledge and experience will be an excellent complement to the talented group of individuals serving on our Board."

Madhu Ranganathan is the Executive Vice President and Chief Financial Officer at OpenText.  She brings more than 30 years of financial leadership experience, with an innovative Silicon Valley technology driven background with deep operational focus in software, hardware and tech-enabled services businesses.

Prior to joining OpenText in 2018, she spent 10 years as the Chief Financial Officer of [24]7.ai, a global customer experience software and services company. Throughout her career she has served in various roles with innovative technology companies, and major accounting and financial services firms. 

Ms. Ranganathan currently serves as a Board Member & Audit Committee Chair for Akamai Technologies.  She is a member of the Institute of Chartered Accountants, India and a Member of the American Institute of Certified Public Accountants.  She holds an MBA from the University of Massachusetts and a BS Accounting from the University of Madras.

Stephen Dent is a Managing Director and co-founder of Birch Hill Equity Partners, a Toronto-based private equity firm. Mr. Dent has over 30 years of experience in private equity and deep expertise in capital allocation, strategic planning, accounting and finance.

Prior to his current role, he spent 15 years at a major Canadian chartered bank culminating in a senior role leading the Canadian private equity division of the bank.

He is a Member of the Business Council of Canada. He is involved in the founding and ongoing support of Our Children's Medicine; an organization promoting Indigenous employment with leading Canadian companies. He is also involved in the founding and ongoing support of the Birch Hill Scholarship Program; supporting business school education for Indigenous youth. He holds a BBA from Wilfred Laurier University and an MBA from the Ivey School of Business at Western University.

Election of Board of Directors

At the annual meeting, all the director nominees listed in the bank's management proxy circular dated February 11, 2021 were elected. The detailed results of the vote for the election of directors are set out below.

Each of the following 13 directors proposed by management was elected as a director of BMO:

Nominee	Votes For		Votes Withheld
Janice M. Babiak	299,680,685	98.67%	4,050,330	1.33%
Sophie Brochu	301,988,463	99.43%	1,742,548	0.57%
Craig W. Broderick	302,562,672	99.62%	1,168,343	0.38%
George A. Cope	297,873,529	98.07%	5,856,768	1.93%
Stephen Dent	302,858,750	99.71%	872,265	0.29%
Christine A. Edwards	301,385,255	99.23%	2,344,442	0.77%
Dr. Martin S. Eichenbaum	302,522,147	99.60%	1,208,616	0.40%
David Harquail	302,882,265	99.73%	818,750	0.27%
Linda S. Huber	302,842,503	99.71%	888,512	0.29%
Eric R. La Flèche	301,235,814	99.18%	2,495,201	0.82%
Lorraine Mitchelmore	302,157,409	99.48%	1,573,606	0.52%
Madhu Ranganathan	301,330,217	99.21%	2,400,806	0.79%
Darryl White	302,828,132	99.71%	872,891	0.29%

Final voting results on all matters voted on at the Annual Meeting of Shareholders held earlier today will be published shortly on www.bmo.com, and filed with Canadian and U.S. securities regulators.  

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged 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, BMO Wealth Management and BMO Capital Markets.

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SOURCE BMO Financial Group

FAQ

Who are the newly elected directors of BMO?

Madhu Ranganathan and Stephen Dent were elected to BMO's Board of Directors.

What positions do Madhu Ranganathan and Stephen Dent hold?

Madhu Ranganathan is the CFO of OpenText, and Stephen Dent is a Managing Director at Birch Hill Equity Partners.

What was the voting outcome for the election of BMO's Board of Directors?

All nominees were elected, with Ranganathan and Dent receiving over 99% of the votes.

When was BMO's Annual Meeting of Shareholders held?

The Annual Meeting of Shareholders took place on April 7, 2021.

What impact might the new directors have on BMO's future?

The new directors are expected to bring valuable expertise in finance and private equity, potentially enhancing BMO's strategic direction.