Toronto, September 2024 — TD Bank Group has announced that President and CEO Bharat Masrani will retire on April 10, 2025, following 38 years of service to the bank, including more than a decade as its CEO. As part of its well-structured succession plan, TD’s Board of Directors has appointed Raymond Chun, currently Group Head of Canadian Personal Banking, to succeed Masrani.
Effective November 1, 2024, Chun will assume the role of Chief Operating Officer (COO), overseeing all business lines within TD Bank Group and reporting directly to Masrani. Chun will officially step into the role of Group President and CEO following the Bank’s Annual Meeting of Shareholders on April 10, 2025. Masrani will continue to serve as an advisor to TD until October 31, 2025.
“Bharat Masrani has been instrumental in TD’s growth and transformation over nearly four decades, particularly in leading the Bank through a period of significant industry change. His leadership in advancing TD’s digital capabilities and enhancing the Bank’s competitiveness has left a lasting legacy,” said Alan MacGibbon, Chair of the TD Bank Group Board of Directors. “The Board expresses its profound gratitude for his outstanding service.”
Raymond Chun, who joined TD in 1992, brings over three decades of experience across several leadership roles, including President and CEO of TD Insurance, and Group Head of Wealth Management and Insurance. Under his leadership, TD has witnessed significant growth in various business segments. Chun is recognized for his ability to drive change, deliver results, and cultivate high-performing teams.
“I am honored to have been selected as the next CEO of TD,” said Chun. “I look forward to continuing TD’s legacy of innovation and delivering exceptional financial services to millions of households and businesses in Canada, the U.S., and beyond.”
Leadership Transitions and Senior Executive Team Updates
TD also announced key senior executive team changes effective November 1, 2024, in line with the leadership transition:
– Paul Clark will become Senior Executive Vice President, Wealth Management.
– Sona Mehta will succeed Chun as Group Head, Canadian Personal Banking.
– Tim Wiggan will step into the role of Group Head, Wholesale Banking, and President & CEO of TD Securities.
These leaders, along with others from the senior executive team, will report to Chun in his new capacity as COO starting November 1, 2024.
Riaz Ahmed to Retire
Riaz Ahmed, Group Head of Wholesale Banking and President & CEO of TD Securities, will retire at the end of January 2025, following nearly three decades at TD. “Riaz has been a pivotal leader, shaping TD’s strategy, driving key acquisitions, and building a strong foundation for TD Securities,” said Masrani. “We thank him for his exceptional contributions and leadership.”
As TD prepares for this seamless transition, Masrani reaffirmed his commitment to advancing the Bank’s ongoing remediation program to address the challenges it faces in anti-money laundering compliance. “These challenges occurred under my leadership, and I take full responsibility,” Masrani stated, emphasizing his continued focus on strengthening TD’s risk management and control framework in the months ahead.
With strong leadership continuity, TD Bank Group remains well-positioned for sustained growth and success in the evolving financial landscape.
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