This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: TD

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs