Canadian lender Toronto-Dominion Bank or TD Bank Group (TD,TD.TO) announced that its President and Chief Executive Officer Ed Clark will retire on November 1, 2014 at age 67, after 12 years as CEO. He will remain as a Director until TD's 2015 Annual Meeting.
The company announced that Bharat Masrani, age 56, will become President and Chief Executive Officer on November 1, 2014. The company said also that Bharat Masrani, Group Head U.S. Personal and Commercial Banking, TD Bank Group and President and CEO, TD Bank, will also become Chief Operating Officer, TD Bank Group reporting to Clark effective July 1, 2013.
On July 1, 2013 Mike Pedersen, Group Head Wealth Management, Insurance and Corporate Shared Services will become Group Head U.S. Banking, TD Bank Group and President and Chief Executive Officer at TD Bank, and will relocate to Cherry Hill, NJ. He will continue to report to Clark until November 1, 2014.
Pedersen joined TD in 2007 from a global bank based in the United Kingdom and has extensive international experience in banking, wealth management and corporate shared services.
Tim Hockey, currently Group Head, Canadian Banking, Auto Finance, and Credit Cards, TD Bank Group and President & CEO TD Canada Trust, will add TD Wealth Management to his portfolio of responsibilities in July 2013.
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