Present and future CEOs of TD Bank Group: Raymond Chun (right) will succeed Bharat Masrani (left) as group president and CEO of TD Bank Group on April 10, 2025. Photo courtesy of TD Bank Group
TD Bank will have a new president and chief executive officer in April 2025.
Current president and CEO Bharat Masrani announced that he will be retiring in the spring after 38 years at TD. Following his retirement as CEO, Masrani will continue to be an advisor to the Bank until October 31, 2025.
“Bharat helped to build TD over almost four decades, and as CEO led the Bank through a period of profound change in our industry,” Alan MacGibbon, chair of the TD Bank Group board of directors, said in a statement. “He accelerated our transformation in the digital age, enhanced the competitiveness of our businesses, nurtured one of the world’s most valuable brands, and steered TD through complexity with a steady hand. The Board extends its deep appreciation for Bharat’s significant contributions to TD.”
Masrani will be replaced by Raymond Chun who currently is the group head of Canadian personal banking. Chun will be appointed to the board of directors and become chief operating officer on Nov. 1, 2024, before being officially promoted to CEO in April.
“I am honored by the trust our Board has placed in me,” Chun said in a statement. “TD is a critical part of our financial system and economy, and directly supports the financial goals of millions of households and businesses, and the aspirations of communities across Canada, the U.S. and globally. I am committed to the work ahead and energized by the opportunity to lead this outstanding Bank into the future.”
Chun joined TD’s management training program in 1992 and assumed increasingly senior roles over the past 32 years. Among his various leadership roles, he has served as president of TD direct investing, president and CEO of TD Insurance and group head of TD’s wealth management and insurance unit.
There are also more changes coming at the top of TD Bank. Paul Clark, currently executive vice president of private wealth management and financial planning, will become senior executive vice president of wealth management. Sona Mehta, currently executive vice president of real estate secured lending, everyday banking, saving and investing, will replace Chun as group head of Canadian personal banking. Tim Wiggan, currently group head of wealth management and insurance, will become group head of wholesale banking and president and CEO of TD Securities.
These members of the senior executive team at TD will report to Ray Chun effective Nov. 1, 2024.
