08:51 AM EST, 01/17/2025 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) said Friday that Chief Operating Officer Raymond Chun would be appointed as chief executive officer and group president on Feb. 1, accelerating the transition previously set for April 10.

Chun will succeed Bharat Masrani, who is set to retire but will continue to serve in an advisory role until July 31, the bank said.

Additionally, Alan MacGibbon has decided to step down as chair of the board and retire as a director by Dec. 31, the company said, adding the corporate governance committee has begun a search for a new chair.

The bank said its board also approved amendments to its corporate governance guidelines, reducing the discretionary director term extension to two years, from five years, after an initial 10-year term. The change will result in five directors stepping down at the April 10 annual stockholders' meeting, the company added.