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TD Bank Group President And CEO Ed Clark To Retire; Board Chooses Bharat Masrani As Successor In 2014

Stocks in this article: TD

"I'm honoured to be entrusted by the Board as the custodian of this great institution and global brand," said Masrani. "Ed is an outstanding leader, mentor and friend. Our management team is strong and, together, we will remain focused on investing in and growing our businesses."

On July 1, 2013 Mike Pedersen, Group Head Wealth Management, Insurance and Corporate Shared Services will become Group Head U.S. Banking, TD Bank Group and President and Chief Executive Officer at TD Bank, America's Most Convenient Bank and will relocate to Cherry Hill, NJ.  He will continue to report to Mr. Clark until November 1, 2014. Mr. Pedersen joined TD in 2007 from a global bank based in the United Kingdom and has extensive international experience in banking, wealth management and corporate shared services.  Under his leadership, the Wealth and Insurance segment delivered record earnings in 2012.

Tim Hockey, currently Group Head, Canadian Banking, Auto Finance, and Credit Cards, TD Bank Group and President & CEO TD Canada Trust, will add TD Wealth Management to his portfolio of responsibilities in July 2013.  This includes the global Direct Investing, Advisory and Canadian Asset Management businesses.  Throughout his career at TD, Mr. Hockey has demonstrated a strong track record of driving growth across a range of traditional and emerging businesses. The addition of Wealth Management will ensure further integration of the wealth and banking offerings for customers and clients and builds on the award-winning customer service tradition of TD Canada Trust.  Mr. Hockey will continue to report to Mr. Clark until November 1, 2014.

Bios and photos of Ed Clark, Bharat Masrani, Mike Pedersen and Tim Hockey are available upon request.

Investor information and call A brief investor call will be held at 8:00 a.m. ET. The call will feature remarks by TD executives and will be followed by a question-and-answer period.  A listen-only telephone line is available at 1-877-974-0446 (toll free).

Replay of the call will be available from 10 a.m. ET on April 3, 2013, until May 3, 2013 by calling 1-416-640-1917 or 1-877-289-8525 (toll free). The passcode is 4611884, followed by the pound key.

This release contains forward looking statements. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. By their very nature, these statements are subject to inherent risks and uncertainties, general and specific. Such risks and uncertainties may be beyond TD's control and may cause actual results to differ from the expectations expressed in the forward-looking statements. Certain risk factors are discussed in TD's 2012 Annual Report, as updated in TD's First Quarter 2013 Report to Shareholders.  TD does not undertake to update any forward-looking statements except as required under applicable securities legislation.

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