{"id":493078,"date":"2024-09-19T10:03:48","date_gmt":"2024-09-19T14:03:48","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=493078"},"modified":"2024-09-19T16:04:02","modified_gmt":"2024-09-19T20:04:02","slug":"td-ceo-to-retire-next-year-chun-named-successor","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/people\/td-ceo-to-retire-next-year-chun-named-successor\/","title":{"rendered":"TD CEO to retire next year, Chun named successor"},"content":{"rendered":"
TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.<\/p>\n
Masrani will retire officially on April 10, 2025, at the bank’s next annual meeting of shareholders after 38 years at the bank and more than a decade as CEO.<\/p>\n
“The anti-money laundering challenges we face took place on my watch as CEO and I take full responsibility,” he said in a statement Thursday.<\/p>\n
“In the coming months, I will continue to advance and direct the critical remediation program required to meet our obligations and responsibilities and strengthen our risk and control foundation.”<\/p>\n
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.<\/p>\n
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down next year.<\/p>\n
Chun joined TD’s management training program in 1992 and has held increasingly senior roles over the past 32 years.<\/p>\n