TD Bank named Raymond Chun its incoming chief executive today after current CEO Bharat Masrani announced plans to retire in April.
Chun, who serves as the bank’s group head of Canadian personal banking, will become chief operating officer Nov. 1 as he plans to step up as CEO on April 10, Masrani said today during a TD Bank investors call.
The $1.9 trillion bank has created a “rigorous and well-defined succession” plan, Masrani said during the call. “The process involved careful and dynamic consideration of the characteristics and skills required to fulfill the main strategic ambitions, review of the external marketplace against our internal talent and ongoing development of their talent to create a deep succession bench.”
Masrani, who joined the bank in 1987, has been CEO since 2014, according to today’s TD release. After stepping down, he will serve as an adviser to the bank until October 2025.
State of TD Bank
The Toronto-based TD currently faces scrutiny from the U.S. Department of Justice for U.S.-based money laundering compliance lapses. The company has created a $2.6 billion provision for any potential finer by the DOJ.
As Chun takes the helm, he plans to prioritize anti-money laundering efforts, he said during today’s call. Chun joined TD in 1992 and has held several roles at the bank during his 32 years.
“Ray is the right leader at the right time,” Masrani said, adding that his understanding of the bank’s operations after working at TD for nearly three decades will be beneficial to scale operations.
