Transition set for April 10
Currently the head of Canadian personal and commercial 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 the spring.
Canadian bank CEOs tend to retire after a decade and Mr. Masrani has been CEO for ten years. However, TD has also been embroiled in a major money laundering scandal in the United States, recently setting aside US$3-billion to cover financial penalties. Mr. Chun’s current division dominates TD’s profits, but he has only run Canadian personal and commercial 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. TD veteran Riaz Ahmed, who currently runs TD Securities, is also retiring early next year and will be succeeded by Tim Wiggan, who currently runs wealth management. Study and track financial data on any traded entity: click to open the full quote page. Data updated as of
Division Banking United Bank Executive Chun Head TD Bank Ray Chun Bharat Masrani
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