TD Bank Announces Leadership Transition as Bharat Masrani Retires

Toronto-Dominion Bank (TD) has announced a change in its executive leadership with the upcoming retirement of its Chief Executive Officer, Bharat Masrani. Raymond Chun, currently the head of Canadian banking, has been appointed as the new Chief Operating Officer effective November 1, and will assume the role of CEO at the next annual general meeting in April.

Mr. Masrani has served as CEO for a decade, a typical tenure for Canadian bank CEOs. His departure comes during a challenging period for TD, as the bank deals with a significant money laundering scandal in the United States, having set aside US$3 billion for penalties. Despite these challenges, his leadership has been pivotal in strengthening TD’s digital transformation and competitiveness.

Raymond Chun, who has been with TD for 32 years, will lead the bank through this transition. Known for his dynamic leadership and success across various roles, he is expected to drive change and foster high-performing teams, continuing to build on TD’s strong foundation. Prior to his current position, Mr. Chun held leadership roles in wealth management and insurance within the bank.

TD Bank is also experiencing other executive changes. Riaz Ahmed, head of TD Securities, is set to retire next year, with Tim Wiggan named as his successor. Meanwhile, Paul Clark will take over Wiggan’s current role, and Sona Mehta is set to replace Chun as the head of Canadian banking.

T.D.’s board chair, Alan MacGibbon, expressed deep appreciation for Bharat Masrani’s contributions, underscoring his role in navigating the bank through complex times while enhancing its global brand value. Masrani will continue to serve as an adviser to the bank until October 2025, focusing on addressing the ongoing money laundering challenges.

The bank also emphasized forward-looking statements concerning future strategies and objectives amidst a changing economic landscape. These statements highlight the bank’s commitment to long-term goals and risk management, underscoring the complexity of the current business environment.