This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

TORONTO, April 3, 2013 /CNW/ - TD Bank Group President and Chief Executive Officer Ed Clark 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 Brian Levitt, 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."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 0.00%
FB $117.43 0.00%
GOOG $692.36 0.00%
TSLA $232.32 0.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs