TORONTO – The appointment of TD Bank Group Chief Operating Officer Raymond Chun to become the bank’s new CEO and president has been accelerated from April 10 to Feb. 1, the bank recently announced.
Chun will replace Bharat Masrani, who will retire from his roles as CEO and president and from the board of directors upon Chun’s appointment but will remain available to the bank in an advisory capacity until July 31. During the transition, Masrani will provide continuity on the bank’s anti-money laundering remediation effort, the bank said.
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“Ray has moved quickly and decisively to launch a review of our strategy, operations, and investments, and has engaged with customers, clients and colleagues across the Bank,” TD Bank Group board Chairman Alan MacGibbon said in a statement. “We are excited to have Ray take the helm and lead TD into the future.”
MacGibbon thanked Masrani for his nearly four decades of service to the bank and “his many contributions to TD’s success.”
In other bank news, the board approved amendments to its Corporate Governance Guidelines to reduce the discretionary director term extension from five years to two years after an initial 10-year term, according to a news release.
In keeping with the new policy, Amy Brinkley, Colleen Goggins and Karen Maidment will retire from the board at the 2025 Annual Meeting of Shareholders on April 10. Claude Mongeau and Brian Ferguson have elected not to seek an extension under the new policy and will also retire at the shareholders’ meeting, the bank said.
Other than MacGibbon, who informed the board he will step down as chair and retire as a director by Dec. 31, 2025, the remaining incumbent directors have been on the board since 2020.
The bank’s Corporate Governance Committee has initiated a chair succession process, but until a new chair is selected, the bank said MacGibbon will “provide continuity as he guides the board’s renewal and supports a successful CEO transition.”
The following new leaders with experience in global banking, governance, risk management, and regulatory compliance, the bank said, will stand for election at the shareholders meeting:
- Elio Luongo served as CEO of KPMG Canada and was a member of the KPMG International board. He has advised some of Canada’s largest companies and boards, and brings a deep understanding of global markets, geopolitical risk and complex regulatory environments to the board.
- Nathalie Palladitcheff served as CEO of Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with approximately $452 billion in assets under management, and was a member of the CDPQ executive and investment committees. She brings global investment, sustainability and management expertise to the board.
- Frank Pearn served as global chief compliance officer and firmwide operational risk executive for JPMorgan Chase & Co. He brings global experience in banking, compliance, conduct and operational risk management, including anti-money laundering, technology and cybersecurity risks, and market conduct programs to the board.
- Paul C. Wirth served as deputy chief financial officer and global controller and chief accounting officer for Morgan Stanley. He brings to the board more than four decades of financial and global banking experience, including as national managing partner – banking and finance practice for Deloitte & Touche LLP in the U.S.
“We are pleased to have attracted highly experienced leaders with global perspective and diverse skills to the Board,” MacGibbon said in the statement. “I want to thank all retiring directors for their years of service to the Bank and for their tremendous efforts to guide TD through a challenging period.”
Following the election of the bank’s director nominees at the shareholders meeting, board committees will be reconstituted and the following new committee chairs will be appointed:
- Cherie Brant, director since 2021, will be appointed chair of the Corporate Governance Committee.
- John MacIntyre, director since 2023, will be appointed chair of the Human Resources Committee.
- Keith Martell, director since 2023, will be appointed chair of the Risk Committee.
- Jane Rowe, director since 2020, will be appointed chair of the newly constituted Remediation Committee.
- Nancy Tower, director since 2022, will continue to serve as chair of the Audit Committee, a position she’s held since being appointed in 2023.
Toronto-based TD Bank has 11 branches in Rhode Island and Bristol County, Mass., and is the Ocean State’s 11th-largest bank in terms of regional deposit market share at $1.4 billion, according to the 2025 PBN Book of Lists.
