08:43 AM EDT, 09/19/2024 (MT Newswires) -- Shares in TD Bank Group were at last look up 0.66% in US premarket as 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 TD 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.

Thursday's announcement comes after TD last month said it is taking a provision of US$2.6 billion for fines it expects to pay for failures in its money-laundering controls, and had sold part of its stake in Charles Schwab Corp. to fund it.

Meanwhile, TD also announced the following changes to the Senior Executive Team, effective November 1, 2024:

- Paul Clark, currently Executive Vice President, Private Wealth Management & Financial Planning, will become Senior Executive Vice President, Wealth Management.

- Sona Mehta, currently Executive Vice President, Real Estate Secured Lending, Everyday Banking, Saving & Investing, will become Group Head, Canadian Personal Banking.

- Tim Wiggan, currently Group Head, Wealth Management and Insurance, will become Group Head, Wholesale Banking and President and CEO of TD Securities.

The above leaders will report to Ray Chun effective November 1, 2024, along with: Barbara Hooper, Group Head, Canadian Business Banking; James Russell, President and CEO, TD Insurance; and Leo Salom, Group Head U.S. Retail Banking and President and CEO, TD Bank.