TD Bank’s CEO Bharat Masrani To Retire; Raymond Chun, Head of Canadian Banking To Take Over

On Thursday, TD Bank, Canada’s second-largest bank, announced that its Chief Executive Officer (CEO) Bharat Masrani will retire next year. Raymond Chun, Head of Canadian Banking is set to take over the post from Masrani.

The leadership shift comes as the bank faces potential U.S. fines over weaknesses in its anti-money laundering controls.

Masrani, who has been CEO since 2014, will step down in April, while Riaz Ahmed, head of TD Securities, will retire in January.

Chun began working with TD in 1992 and has been a top leader in the company for 32 years. He has held positions in the wealth management, insurance, and brokerage departments. He most recently oversaw personal banking in Canada, assuring investors of his track record of overseeing sizable, intricate companies and collaborating closely with risk and control teams.

Sona Mehta will take Chun’s place as head of Canadian personal banking, Paul Clark will manage Wealth Management, and Tim Wiggan will succeed Ahmed at TD Securities, according to TD’s announcement of additional leadership changes.