Toronto-Dominion Bank Group (TD) announced on Friday that Chief Operating Officer Raymond Chun will assume the roles of Chief Executive Officer and President beginning February 1, advancing the transition from the previously set date of April 10.
The Board has updated its Corporate Governance Guidelines to reduce the optional director term extension from five years to two years following the initial 10-year term.
Chun will succeed Bharat Masrani, who has been the President, CEO, and a Board member. Masrani will transition to an advisory position until July 31 to assist with the Bank's anti-money laundering (AML) remediation efforts during this period.
The company also announced that four new directors—Elio Luongo, Nathalie Palladitcheff, Frank Pearn, and Paul Wirth—will be put forward for election at the 2025 Annual Meeting of Shareholders. Additionally, Cherie Brant, John MacIntyre, Keith Martell, Jane Rowe, and Nancy Tower have been appointed as the new chairs for four of the five Board committees.
In pre-market trading, TD shares have risen by 0.70% to $55.71 on the New York Stock Exchange.
