(Reuters) -Canadian lender TD Bank said on Monday that John MacIntyre, currently serving as an independent director, will take over as chair of the board effective September 1.

MacIntyre will succeed Alan MacGibbon, who will retire after more than a year in the role.

"His (MacIntyre's) deep financial expertise and governance experience will support the Board as it continues to prioritize strong oversight and long-term value creation," the company said.

The bank is undergoing a U.S. government-ordered anti-money laundering remediation program following a historic $3 billion penalty by regulators for lapses in its risk systems.