TD Bank’s CEO, Bharat Masrani, intends to retire on April 10, 2025 after 38 years at the bank and more than a decade as CEO. Following his retirement as CEO, Masrani will continue to serve as an advisor to the bank until Oct. 31, 2025.

In line with TD Bank’s succession plan, the board of directors selected Raymond Chun, group head, Canadian personal banking, to join the board of directors and become chief operating officer, reporting to Masrani, effective Nov. 1, 2024, with responsibility for all of TD’s lines of business.

The board also intends to appoint Chun as group president and CEO of TD Bank on April 10, 2025, at the bank’s next annual meeting of shareholders.

“Bharat helped to build TD over almost four decades and, as CEO, led the bank through a period of profound change in our industry. He accelerated our transformation in the digital age, enhanced the competitiveness of our businesses, nurtured one of the world’s most valuable brands and steered TD through complexity with a steady hand,” Alan MacGibbon, chair of the board of directors at TD Bank, said.  “The board extends its deep appreciation for Bharat’s significant contributions to TD. Ray is a dynamic leader with a long track record of success across multiple leadership roles. His proven ability to drive change, deliver outcomes, and build strong, high-performing teams will serve him well as he guides TD into the future.”

Chun joined TD’s management training program in 1992 and assumed increasingly senior roles over the past 32 years. Throughout his career, he has developed strong teams and leaders, delivered exceptional customer experiences, improved the performance and strength of the businesses he led and designed strategies to enhance competitiveness and performance. Among his various leadership roles, he has served as president of TD Direct Investing, president and CEO of TD Insurance, group head, wealth management and insurance and, most recently, group head, Canadian personal banking.

“I am delighted the board has selected Ray as our next CEO,” Masrani said. “Ray’s deep knowledge of banking and his drive for results are matched only by his commitment to TD and the millions we serve. We are navigating a difficult moment, and I am confident that Ray’s leadership will successfully guide this great institution into the future.”

“I am honored by the trust our board has placed in me,” Chun said. “TD is a critical part of our financial system and economy and directly supports the financial goals of millions of households and businesses and the aspirations of communities across Canada, the U.S. and globally. I am committed to the work ahead and energized by the opportunity to lead this outstanding bank into the future.”