April 3, 2013
/PRNewswire/ - TD Bank Group President and Chief Executive Officer
today announced his intention to retire as CEO effective
November 1, 2014
at age 67, after 12 years as CEO. He will remain a Director until TD's 2015 Annual Meeting.
In line with TD Bank Group's succession plan, the Board of Directors announced that Bharat Masrani, Group Head U.S. Personal and Commercial Banking, TD Bank Group and President and CEO, TD Bank, America's Most Convenient Bank®, will become Chief Operating Officer, TD Bank Group reporting to Mr. Clark effective
July 1, 2013
. The Board also announced its intention that Mr. Masrani, age 56, will become Group President and Chief Executive Officer, TD Bank Group on
November 1, 2014
"Ed's stellar leadership has driven unprecedented growth and success at TD. This success continues to benefit shareholders, as TD's compound annual total shareholder return has been 14.5 percent to date under Ed's tenure as CEO. Ed brings great passion for customers, employees and the TD brand and we salute him for building an award winning North American customer brand and creating an extraordinary and inclusive place to work," said
, chairman of TD's Board of Directors. "As we look to the future, the Board is confident that Bharat's leadership, breadth of experience and global business insight will serve him well. His proven track record of performance at TD Bank, America's Most Convenient Bank, and as Chief Risk Officer and in our Wealth, Corporate and Commercial banking businesses, will further drive TD's momentum."
"I am delighted that the Board has chosen Bharat as my successor. Years ago the Board made a commitment to delivering a seamless and well planned CEO transition. Bharat brings a continuity of strategy, culture and values shared by the entire Board and Senior Executive Team," said Clark. "Under his leadership, TD will continue to meet the needs of our 22 million customers and remain an employer of choice for our more than 85,000 employees. With Bharat as CEO and a deep bench of talent on the Senior Executive Team, I am extremely confident in the future of TD."