TD Bank Group President and CEO Bharat Masrani will retire April 10, and will be succeeded by Raymond Chun, who is currently group head, Candian personal banking.
Masrani has been CEO for more than a decade and has been with the bank for 38 years, TD Bank said in a Thursday (Sept. 19) press release.
Following his retirement as CEO, Masrani will serve as an advisor to the bank until Oct. 31, 2025, according to the release.
“Bharat helped to build TD over almost four decades, and as CEO led the Bank through a period of profound change in our industry,” Alan MacGibbon, chair of the TD Bank Group board of directors, said in the release. “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.”
Chun will be appointed to the board of directors and become chief operating officer, TD Bank Group, reporting to Masrani, effective Nov. 1, and will become Group president and CEO, TD Bank Group, when Masrani retires April 10, per the release.
Since joining TD in 1992, Chun has assumed increasingly senior roles and improved the performance and strength of the businesses he led, according to the release.
“Ray is a dynamic leader with a long track record of success across multiple leadership roles,” MacGibbon said in the release. “His proven ability to drive change, deliver outcomes and build strong, high-performing teams will serve him well as he guides TD into the future.”
TD Bank Group also announced Thursday that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January after close to three decades at the bank.
The bank also announced three changes to the senior executive team. Effective Nov. 1, Paul Clark, executive vice president, private wealth management and financial planning, will become senior executive vice president, wealth management; Sona Mehta, executive vice president, real estate secured lending, everyday banking, saving and investing, will become group head, Canadian personal banking; and Tim Wiggan, group head, wealth management and insurance, will become group head, wholesale banking and president and CEO of TD Securities, per the release.
“We have a strong bench of senior leaders and will execute a smooth and seamless CEO transition,” Masrani said in the release. “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.”
It was reported Aug. 28 that TD Bank’s ongoing issues with its anti-money laundering (AML) controls could usher in a leadership change.
That report from Reuters came days after the bank released quarterly earnings that showed a $2.6 billion provision related to a possible investigation into the AML program. This came after a $450 million provision announced during the prior quarter.
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