Jan 17 (Reuters) - TD Bank Group said on Friday

CEO-designate Raymond Chun would be appointed to the role on

Feb. 1, months earlier than initially planned, and slashed the

salary of 41 executives, including its outgoing chief.

Last month, the Canadian bank warned of a challenging 2025

and suspended its medium-term earnings forecast as it works

through its anti-money laundering remediation program following

a U.S. regulatory probe.

TD had also said it would hold a strategic review that would

include reassessment of growth opportunities, productivity

initiatives and where it needs to invest or divest.

In October, it became the largest bank in U.S. history to

plead guilty to violating a federal law aimed at preventing

money laundering, and agreed to pay more than $3 billion in

penalties to resolve the charges.

The plea deal, which includes a rare imposition of an asset

cap and other business limitations, arises from multiple

government investigations into what authorities described as

pervasive issues.

Chun is set to replace long-time CEO Bharat Masrani, who

took the top job at the bank in 2014.

The bank lowered Masrani's total compensation by 89% to $1.5

million in 2024, from $13.27 million in 2023.

At his first appearance as incoming CEO at a banking

conference in Toronto in January, Chun addressed the bank's

strategic review that could include the sale of its stake in

Charles Schwab and exiting some loan portfolios. Chun also said

he expects to hold an investor day later in 2025.

"Ray has moved quickly and decisively to launch a review of

our strategy, operations, and investments, and has engaged with

customers, clients and colleagues across the Bank," chair of

TD's board Alan MacGibbon said.

Masrani will stay on in an advisory capacity until July 31,

the bank said. TD had previously announced the transition date

for Chun as April 10.