Who is Raymond Chun, the next chief executive of TD Bank?
The next chief of executive of Toronto-Dominion Bank is a 32-year insider who rose through the ranks from the bank’s business administration program to senior executive roles in insurance, investing and wealth.
Raymond Chun, 55, will take the helm of Canada’s second-largest bank in April, when current chief executive Bharat Masrani retires, the bank said this week.
“I am committed to the work ahead and energized by the opportunity to lead this outstanding bank into the future,” Chun said in a statement.
Born in Korea and raised in Canada, Chun earned a bachelor of arts at the University of Western Ontario and a master in business administration at Queen’s University in Kingston, Ont. He got his start at the bank’s management training program in 1992 and has since taken on roles such as president and chief executive of TD Insurance, president of TD Direct Investing and group head for wealth management and TD Insurance.
In December, he took charge of the Canadian personal banking segment when former group head Michael Rhodes left TD to lead U.S.-based Discover Financial Services.
Before his unexpected departure, Rhodes had been long viewed as a potential successor to Masrani.
“In our view, (Chun’s appointment) is a favourable development for TD even if its new CEO has slightly more focused experience than prior chief executives,” Canaccord Genuity Corp. analyst Matthew Lee and associate Betty Yang said in a note to clients.
Lee and Yang also believe that the announcement may be more positive for the firm’s U.S. anti-money laundering (AML) outlook. TD has taken billions of dollars in charges related to ongoing U.S. investigations of lapses in its AML program, for which Masrani has taken full responsibility.
“In our view,
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