Bank of Montreal said Brian Steck has resigned as chairman and chief executive officer of its securities unit and Jeffrey Orr will take the helm.

Mr. Steck joined the bank 12 years ago when it bought a majority stake in the Canadian investment bank Nesbitt Thomson, now called Nesbitt Burns Inc. Mr. Steck, 52, will remain a bank vice chairman until the end of the year.

F. Anthony Comper, Bank of Montreal's new president and chief executive officer, announced the senior executive moves to employees on Tuesday night.

Mr. Orr, 40, will also be vice chairman of a group that has been realigned to include investment banking, private client services, and corporate banking.

Yvan Bordeau, 50, will take over as Nesbitt Burns' chief operating officer, from Aubrey Baillie, who will leave that job but remain with the bank, sources said.

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