A rotary cutting tool having a longitudinal axis defining forward and rearward directions and a direction of rotation, includes a cutting head releasably mounted to a front end of a tool shank. The cutting head includes a cap portion and a rearwardly extending tail portion. The cap portion is provided with a plurality of head segments, each head segment having a rotationally leading end facing the direction of rotation and a rotationally trailing end. The trailing end of each head segment is provided with a locking member which extends in a direction opposite the direction of rotation. The tool shank has a forward end provided with a corresponding plurality of locking recesses opening out to the direction of rotation, and a shank pocket recess. In the assembled tool, the tail portion of the cutting head is received into the shank pocket recess and each of the plurality of locking members is received into a corresponding locking recess.