TD CEO Bharat Masrani to retire, bank names successor
The head of Canada’s second-largest bank will retire next April after spending more than a decade as the chief executive of Toronto-Dominion Bank.
Bharat Masrani, who has worked at TD for 38 years, announced his intention to retire at a time when the bank is facing anti-money laundering issues in the United States. The bank posted a rare loss in its third quarter, partly because it had to keep aside US$2.6 billion to tackle expected fines as a result of the issues.
Last week, TD was also ordered to pay about US$28 million by authorities in the U.S. for repeatedly sharing inaccurate information about its customers to consumer reporting agencies.
The bank’s directors announced Raymond Chun, who is currently the group head of the bank’s Canadian personal banking unit, as his successor.
“Bharat helped to build TD over almost four decades, and as CEO led the bank through a period of profound change in our industry,” Alan MacGibbon, TD’s chair, said in a statement on Thursday. “The board extends its deep appreciation for Bharat’s significant contributions to TD.”
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