Brian Levitt will become chairman of the board of directors of Toronto-Dominion Bank (TSX:TD) on Jan. 1, 2011, the bank said Tuesday

He will replace John Thompson, “who has made the personal decision, as part of an orderly board succession, to step down from this position,” the bank said in a statement.

Levitt has served as an independent director on the bank’s board since December 2008.

Thompson, who served as non-executive chairman for seven years, will remain a member of the TD board.

IE