TD Bank Group in Toronto will have a new CEO in 2025.
The company said in a press release that Raymond Chun will succeed Bharat Masrani when he retires in April. Chun is group head, Canadian personal banking, will become chief operating officer and join the board on Nov. 1.
Masrani will serve as an advisor to the bank until Oct. 31, 2025.
“Bharat helped to build TD over almost four decades, and as CEO led the bank through a period of profound change in our industry,” Alan MacGibbon, TD Bank Group’s chairman, said in the release. “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.”
TD has recently faced scrutiny due to lapses in its U.S. anti-money-laundering program. The bank has said it expects to pay roughly $3 billion in fines tied to its compliance shortcomings. Those issues led it to scrap plans to buy First Horizon in Memphis, Tenn.