TD Bank CEO Bharat Masrani to retire, Canadian head Raymond ...
Bharat Masrani, chief executive officer of TD Bank Group, outside the bank offices in downtown Toronto on Sept 3 2020.Fred Lum/The Globe and Mail
Toronto-Dominion Bank named a new chief executive, with Raymond Chun succeeding Bharat Masrani.
Currently the head of Canadian banking, Mr. Chun will become chief operating officer effective Nov. 1 and then take over as CEO at TD’s next annual general meeting in April.
Canadian bank CEOs tend to retire after a decade and Mr. Masrani has been CEO for 10 years. However, TD has also been embroiled in a major money laundering scandal in the United States and recently set aside US$3-billion to cover financial penalties.
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Mr. Chun’s current division dominates TD’s profits, but he has only run Canadian banking for nine months. He took over the unit in December after the previous division head Michael Rhodes left TD for a different job in the United States. Mr. Chun previously ran wealth management and insurance at TD and he has been with the bank for 32 years.
TD Bank is also shuffling its executive suite. Bank veteran Riaz Ahmed, who runs TD Securities, is also retiring early next year and will be succeeded by Tim Wiggan, who currently runs wealth management.
To fill Mr. Wiggan’s current role, TD is promoting Paul Clark, who is currently executive vice-president of private wealth management and financial planning. As for Canadian banking, Sona Mehta will take over from Mr. Chun. Ms. Mehta currently manages all major products within Canadian banking, including mortgages and deposits.
“Bharat helped to build TD over almost four decades, and as CEO led the bank through a period of profound change in our industry,” board chair Alan MacGibbon said in a statement, adding that Mr. Masrani accelerated TD’s transformation in the digital age and steered it through complexity with a steady hand. “The board extends its deep appreciation for Bharat’s significant contributions to TD.”
As for Mr. Chun, the board chair described him in the statement as a dynamic leader with a long track record of success across multiple leadership roles. 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.”
Mr. Masrani will serve as an adviser to TD until Oct. 31, 2025, which is the bank’s fiscal year end. In the bank’s statement, Mr. Masrani noted that TD is “navigating a difficult moment” and said Mr. Chun’s leadership “will successfully guide this great institution into the future.”
TD’s outgoing CEO also addressed the money laundering woes that have plagued the bank. “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.”
