TD CEO Bharat Masrani to Retire in April

TD Bank's Chief Executive Officer to Step Down After 15 Years

TD Bank Group announced on Thursday that Bharat Masrani, the bank's President and Chief Executive Officer, will retire in April 2023.

Masrani's Legacy at TD

Masrani has been at the helm of TD Bank Group since 2008 and is widely credited with transforming the bank into one of the largest financial institutions in North America.

Under his leadership, TD expanded its presence in the United States through the acquisition of Commerce Bancorp and TD Ameritrade. He also oversaw the bank's entry into the Chinese market with the establishment of a joint venture with China Construction Bank.

Masrani's tenure at TD has been marked by innovation and a focus on customer service. He has been a vocal advocate for diversity and inclusion within the banking industry.

Retirement Plans

Masrani will step down as CEO and retire from the bank on April 24, 2023. He will remain a member of TD's Board of Directors until the bank's annual meeting in May.

In a statement, Masrani said he is "incredibly grateful for the opportunity to have led TD over the past 15 years." He added that he is "confident that TD is well-positioned for continued success in the future."

Succession Planning

The bank's Board of Directors has begun the process of identifying Masrani's successor. The board has formed a search committee to consider both internal and external candidates.

The search committee will be led by TD's Chairman, Brian Levitt. Levitt said in a statement that the board is "committed to finding the best possible candidate to lead TD in its next chapter."

Conclusion

Bharat Masrani's retirement marks the end of an era at TD Bank Group. Masrani has been a transformative leader who has guided the bank through a period of significant growth and success.

The bank's Board of Directors is confident that TD is well-positioned for continued success in the future. The search for Masrani's successor is underway, and the board is committed to finding the best possible candidate to lead TD in its next chapter.