- TD Bank (TSX:TD; NYSE:TD) announced that its president and CEO, Bharat Masrani will retire next year after 38 years with the bank, and his successor has already been named
- The bank’s group head of Canadian Personal Banking, Raymond Chun, will be appointed to the board of directors and become chief operating officer
- He will hold responsibility for all of TD’s lines of business and become the bank’s new president and CEO when Masrani official retires on April 10, 2025
- Shares of Toronto-Dominion Bank opened trading at C$86.00
TD Bank (TSX:TD; NYSE:TD) announced that its president and CEO, Bharat Masrani will retire next year, and his successor has already been named.
The bank’s group head of Canadian Personal Banking, Raymond Chun, will be appointed to the board of directors and become chief operating officer of TD Bank Group, reporting to the outgoing CEO, effective Nov. 1.
He will hold responsibility for all of TD’s lines of business and become the bank’s new president and CEO when Masrani official retires on April 10, 2025.
“Bharat helped to build TD over almost four decades, and as CEO led the bank through a period of profound change in our industry. He accelerated our transformation in the digital age, enhanced the competitiveness of our businesses, nurtured one of the world’s most valuable brands, and steered TD through complexity with a steady hand,” Alan MacGibbon, chair of the TD Bank Group board of directors said in a news release. “The board extends its deep appreciation for Bharat’s significant contributions to TD.”
Ray Chun began his journey with TD’s management training program in 1992 and has progressively taken on more senior roles over the past 32 years. His leadership roles have included president of TD Direct Investing, president and CEO of TD Insurance, group head of Wealth Management and Insurance, and most recently, group head of Canadian Personal Banking.
Masrani spent 38 years with the bank and more than a decade as CEO.
“We have a strong bench of senior leaders and will execute a smooth and seamless CEO transition,” Masrani said. “The anti-money laundering challenges we face took place on my watch as CEO and I take full responsibility. In the coming months, I will continue to advance and direct the critical remediation program required to meet our obligations and responsibilities and strengthen our risk and control foundation.”
U.S. regulators, along with the Financial Crimes Enforcement Network and the U.S. Department of Justice have been investigating TD Bank. which is facing more than US$2 billion in fines.
In addition, the U.S. Consumer Financial Protection Bureau last week ordered TD Bank to pay US$28 million in compensation and fines for filing inaccurate and negative consumer reports about its customers.
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth largest bank in North America by assets and serves more than 27.5 million customers. TD had $1.97 trillion in assets on April 30, 2024.
Shares of Toronto-Dominion Bank (TSX:TD) opened trading at C$86.00. Though TD stock is up 5.45 per cent compared with this time last year, it has fallen 0.97 per cent since the year began.
Join the discussion: Find out what everybody’s saying about this company on the Toronto-Dominion Bank Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of Raymond Chun, TD Bank’s group head of Canadian Personal Banking: TD Bank Group)
