TD Bank Accelerates COO Raymond Chun's Transition To CEO, Effective February 1

Toronto-Dominion Bank

57.37 EUR -0.16%

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(RTTNews) - Toronto-Dominion Bank Group (TD), a financial services company, Friday announced that Chief Operating Officer Raymond Chun will be appointed as chief executive officer and president with effect on February 1, accelerating the previously announced transition date of April 10.

The Board has amended its Corporate Governance Guidelines to shorten the discretionary director term extension from five years to two years after the initial 10-year term.

Chun will take over from Bharat Masrani who has been serving as President, CEO, and Board member. Masrani will serve in an advisory role until July 31,supporting the Bank's AML remediation efforts during the transition.

The company said four new directors Elio Luongo, Nathalie Palladitcheff, Frank Pearn, and Paul Wirth to stand for election at the 2025 Annual Meeting of Shareholders. Five new chairs Cherie Brant, John MacIntyre, Keith Martell, Jane Rowe, and Nancy Tower are appointed for four of five Board committees.

In the pre-market trading, TD is 0.70% higher at $55.71 on the New York Stock Exchange.