08:33 AM EDT, 09/19/2024 (MT Newswires) -- TD Bank Group's (TD.TO and NYSE:TD) Chief Executive Officer, Bharat Masrani, announced Thursday his intention to retire on April 10, 2025, after 38 years at the Bank and more than a decade as CEO.

In line with TD Bank Group's succession plan, the Board announced that Raymond Chun, Group Head, Canadian Personal Banking will be appointed to the Board and become Chief Operating Officer, TD Bank Group, reporting to Masrani, effective November 1, 2024, with responsibility for all of TD's lines of business. The Board also announced its intention that Chun will become Group President and Chief Executive Officer, TD Bank Group, on April 10, 2025, at the Bank's next Annual Meeting of Shareholders.

Following his retirement as CEO, Bharat Masrani will continue to serve as an advisor to the Bank until October 31, 2025.