BMO Chief Executive Officer John Legere says he no longer plans to lead the embattled credit union, which has been struggling since it collapsed amid allegations of widespread misconduct and abuse.
The bank has since lost a court battle to have a new chief executive, David Kestenbaum, appointed.
“We are not going to run a bank anymore, nor will I,” Legeretre said in an interview with the Toronto Star.
Kestenbaum has since been appointed as interim CEO and will be in charge of managing the company until a new CEO is hired.
He did not comment on why he left the board in the first place.
Lebesre said he wants to focus on helping the company to make money.
The bank announced in April that it would close its branches and cut staff to reduce losses, amid allegations that some employees had been harassed or sexually assaulted.
In July, BMO was fined $6 million by the Ontario Securities Commission for failing to disclose the names of some of its employees who were being investigated in connection with the case.
The company has also been under scrutiny from Canada’s auditor general for its handling of a complaint about the conduct of some former employees.
According to a CBC News report, former employees were given access to a BMO file to review the bank’s internal processes, which led to them finding systemic failings and making the bank a target of complaints from other banks and unions.
Since then, the company has had to seek approval from a court to file an appeal against the decision to pay the fine.
BMO also said in a statement that it was committed to “doing everything possible to help the Bank of Montreal succeed in our mission of supporting small businesses.”
The BMO is one of the largest financial institutions in Canada.
It has branches in Toronto, Ottawa, Montreal and Montreal-area communities.
The company operates branches across Canada and the United States.
(Reporting by Jonathon Hayward; Editing by Grant McCool)