TD Bank CEO Bharat Masrani to Retire in 2025, Ray Chun Named Successor

TD Bank Group (TD), a leading financial institution in North America, announced a significant leadership transition today. Bharat Masrani, the bank's current Group President and CEO, will retire on April 10, 2025, after 38 years with the company and over a decade in the top leadership position. In a move reflecting the bank's succession planning, Ray Chun, currently the Head of Personal Banking in Canada, has been appointed as the next Group President and CEO, effective upon Masrani's retirement.

A New Era of Leadership at TD Bank

Masrani's departure marks the end of an era for TD, leaving a legacy of growth and transformation. During his tenure as CEO, he steered the bank through a period of significant industry changes, spearheading the bank's digital transformation, enhancing its competitiveness, and fostering a global brand recognized for its strong reputation. The board of directors expressed their profound gratitude to Masrani for his unwavering dedication and leadership during his time at TD.

Chun, a seasoned executive with a 32-year career at TD, is poised to lead the bank into the future. His extensive experience across various leadership roles, including President of TD Direct Investing, President and CEO of TD Insurance, and Group Head of Wealth Management and TD Insurance, has equipped him with the necessary skills and vision to navigate the complexities of the financial landscape. His track record of driving innovation, fostering high-performing teams, and delivering exceptional customer experiences has earned him the confidence of the board of directors.

A Smooth Transition and Focus on Strategic Priorities

Masrani, in his statement, expressed confidence in Chun's ability to lead the bank. "Ray's deep knowledge of banking and his commitment to results are matched only by his dedication to TD and the millions of people we serve," he said. Chun echoed this sentiment, acknowledging the responsibility of his new role and his commitment to "guide this exceptional bank into the future."

The leadership change is expected to be smooth, with a strong leadership team in place to support the transition. Masrani will continue to serve as an advisor to the bank until October 31, 2025, ensuring a seamless handover of responsibilities.

A Focus on Risk Management and Corporate Responsibility

Masrani's departure comes at a time when the bank is facing a number of challenges, including regulatory scrutiny and concerns related to anti-money laundering compliance. Masrani acknowledged these challenges and emphasized the bank's commitment to addressing them. "The challenges we face in anti-money laundering have arisen under my leadership, and I take full responsibility for them," he said. "Over the next few months, I will continue to move forward and lead our important corrective action program."

This commitment to addressing risk management and regulatory concerns underscores TD's focus on corporate responsibility and transparency. The bank is committed to building a strong foundation for the future, and the new leadership team is expected to continue this focus.

A Look Ahead: Key Priorities and Opportunities

The leadership transition signals a new chapter for TD Bank, with a focus on maintaining its growth trajectory, driving innovation, and delivering value to its customers. The bank is well-positioned to leverage the growth opportunities in North America, particularly in the digital banking and wealth management segments. As the bank continues to navigate the dynamic and evolving financial landscape, Chun and his leadership team will play a pivotal role in shaping the bank's future and ensuring its continued success.

A Legacy of Growth and Transformation

Bharat Masrani's departure marks the end of an era for TD Bank, leaving a legacy of growth and transformation. During his time at the helm, he guided the bank through a period of significant industry changes, successfully navigating the transition to a digital-first world, while also expanding the bank's reach and solidifying its reputation as a global leader in financial services.

As Masrani steps down, the bank is entering a new chapter, guided by the experienced hand of Ray Chun. The bank's future remains bright, with a solid foundation for growth and innovation, supported by a strong leadership team committed to driving value for customers and stakeholders alike.