TD Bank CEO Bharat Masrani to Retire, Be Succeeded by Raymond Chun

By Robb M. Stewart

Toronto-Dominion Bank Chief Executive Bharat Masrani plans to retire next year after 38 years with the big Canadian lender and more than a decade in the top job.

TD's board has lined up Raymond Chun to succeed Masrani.

Chun, currently head of Canadian personal banking will be appointed to the board and become chief operating officer from November, with responsibility for all of TD's lines of business. The bank's board intention that Chun will become president and CEO on April 10, 2025, at the next annual meeting of shareholders.

Masrani, who will step down at the time of the annual meeting, will continue to serve as an advisor to the bank until Oct. 31, 2025, TD said.

Masrani took over as CEO in 2014. He has more than three decades banking experience, and before moving into the top office held roles including chief operating officer, president and CEO of TD's Cherry Hill, NJ, based banking arm in the U.S., and held executive posts in a number of countries including as country head for India. He began at TD as a commercial banking trainee in 1987.

Chun joined TD's management training program in 1992 and has held increasingly senior roles over the past 32 years including president of TD Direct Investing, president and CEO of TD Insurance, and head of wealth management and insurance.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

September 19, 2024 09:05 ET (13:05 GMT)

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