TD Bank Executive Raymond Chun to Succeed CEO Bharat Masrani

Leadership Transition - TD Bank Group President and CEO Bharat Masrani will retire on April 10, 2024, after over a decade in the role and 38 years with the bank, to be succeeded by Raymond Chun [1] - Chun, currently group head of Canadian personal banking, will also be appointed to the board of directors and become chief operating officer effective November 1, 2023, before officially taking over as CEO [2] Executive Changes - Riaz Ahmed, group head of wholesale banking and CEO of TD Securities, will retire at the end of January 2024 after nearly 30 years at the bank [3] - Three additional changes to the senior executive team will take effect on November 1, 2023, including Paul Clark becoming senior executive vice president of wealth management, Sona Mehta becoming group head of Canadian personal banking, and Tim Wiggan becoming group head of wholesale banking and CEO of TD Securities [4] Performance and Challenges - Masrani emphasized the bank's strong leadership team and the commitment to a smooth CEO transition, while acknowledging the ongoing anti-money laundering (AML) challenges faced during his tenure [5] - Recent quarterly earnings revealed a $2.6 billion provision related to a potential investigation into the AML program, following a $450 million provision in the previous quarter [6]